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It's my first time doing such questions, so please explain in detailed steps with each...

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Finance

It's my first time doing such questions, so please explain in detailed steps with each and every formula used image
- The Home Bank of Canada want to sell preferred stock at $100 per share. A very similar issue of preferred stock already outstanding has a price of $40 per share and offers a dividend of $1 every quarter. What dividend would the Home Bank have to offer if its preferred stock is going to sell

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