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E-Eyes.com has a new issue of preferred stock it calls 20/20 preferred. The stock will...

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Finance

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 be paid until 20 years from today.
If you require a return of 11.5 percent on this stock, how much should you pay today?

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