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Mike James Inc. has an issue of a preferred stock selling for $70 per share....

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Finance

Mike James Inc. has an issue of a preferred stock selling for $70 per share. Hydra Inc. will pay a dividend of $4.8 per share the following year and investors are expecting the dividend to grow by 3% per year forever.

What is the next dividend to be paid by Mike James Inc? (Please show work)

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