E-eyescom bank just issued some new preferred stock the, Financial Management

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E-eyescom bank just issued some new preferred stock the

E-Eyes.com Bank just issued some new preferred stock. The issue will pay an annual dividend of $16 in perpetuity, beginning 5 years from now. If the market requires a return of 3.0 percent on this investment, how much does a share of preferred stock cost today? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

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