You want to estimate the price of a share of preferred, Financial Management

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You want to estimate the price of a share of preferred

You want to estimate the price of a share of preferred stock that receives an annual dividend of $6.25. You predict that the stock will be called in 8 years and you will be paid $110 for your share. If you require a 7% rate of return on your investment, what is the maximum price you will pay for the stock? (Round to two decimal places.)

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Financial Management: You want to estimate the price of a share of preferred

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