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A preferred stock from Hecla Mining Co. (HLPRB) pays $4.70 in annual dividends. If the...

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Accounting

A preferred stock from Hecla Mining Co. (HLPRB) pays $4.70 in annual dividends. If the required return on the preferred stock is 7.70 percent, what is the value of the stock? (Round your answer to 2 decimal places.)

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