Preferred shares of comparable risk yield

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Reference no: EM131501596

A company issued preferred shares two years ago, paying a $3.57 dividend, which offered investors an original yield of 7%. Currently, the required return on companies with preferred shares of comparable risk yield 10%. Given this information, what should these shares be trading for today? Show your answer as a dollar amount, rounded to 1 decimal point.

Reference no: EM131501596

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