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You're considering buying preferred stock that entitles you to a constant $3.00 per year dividend in perpetuity. Your required rate of return on this investment

You're considering buying preferred stock that entitles you to a constant $3.00 per year dividend in perpetuity. Your required rate of return on this investment is 8.00% per year. The seller of the stock is asking $34 per share. Will you buy at this price? What is the most you would pay?

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