A preferred stock pays an annual dividend of 286 per share, Financial Management

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A preferred stock pays an annual dividend of 286 per share

A preferred stock pays an annual dividend of $2.86 per share forever. The appropriate interest rate for the preferred stock is 7.14%. How much do you need to pay today to acquire this preferred stock? Please round your answer to the second decimal without dollar sign. E.g. 1.11.

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Financial Management: A preferred stock pays an annual dividend of 286 per share

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Financial Management: A preferred stock pays an annual dividend of 286 per share

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