Fifth national bank just issued some new preferred stock, Financial Management

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Fifth national bank just issued some new preferred stock

Fifth National Bank just issued some new preferred stock. The issue will pay an annual dividend of $24 in perpetuity, beginning 13 years from now. If the market requires a return of 3.8 percent on this investment, how much does a share of preferred stock cost today?

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Financial Management: Fifth national bank just issued some new preferred stock

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Financial Management: Fifth national bank just issued some new preferred stock

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