Determine at what price should the stock sell

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Question: Mullen Inc. has an outstanding issue of perpetual preferred stock with an annual dividend of $3.50 per share. If the required return on this preferred stock is 6.5%, at what price should the stock sell? Your answer should be between 18.12 and 72.80, rounded to 2 decimal places, with no special characters.

Reference no: EM132005291

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