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Company X is issuing a preferred stock. It will payout nothing in the next two...

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Company X is issuing a preferred stock. It will payout nothing in the next two years. Start from three years from today, it will begin to pay $6.2 dividend each year forever. If you require a return of 7.5 percent on this stock, how much should you pay today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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