What will be the new price of the shares

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Reference no: EM132047244

3M’s preferred stock, which pays an annual dividend of $6 per share, was trading for $60 per share yesterday. However, news broke early this morning that some of the materials the company used for one of his most popular home products is a well-known carcinogenic. Consequently, the required rate of return for the stock went up to 12%. What will be the new price of the shares?

Reference no: EM132047244

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