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You have an issue of preferred stock that is paying a $3 annual dividend. A fair rate of return on this investment is calculated to

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You have an issue of preferred stock that is paying a $3 annual dividend. A fair rate of return on this investment is calculated to be 13.5%. What is the value of this preferred stock issue? Given the following information, calculate the required return. Stock Price $150 Dividends per share next period $1.50 Growth Rate 5%

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