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 $15 in perpetuity, beginning 20 years from now. If the market requires a return of 4.5 percent on this investment, how much does a share of preferred stock cost today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Stock price $

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

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