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Please male sure the answer is correct and explain how you got it, thanks!
E-Eyes com has a new issue of preferred stock it calls 20/20 preferred. The stock will pay a $20 dividend per year, but the first dividend will not bepaid until 20 years from today. If you require a retum of 8.25 percent on this stock, how much should you pay today? Note: Do not round intermediate calculations and round your onswer to 2 decimol places, e.g., 32.16
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