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Kachus Kates preferred stock has a stated dividend rate of 10% and a par value per share of 500.00. In todays market simila
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Please find the answer below.

Statement showing computation:

Dividend= 80*0.10= $8

Required= 12%

Current price= Dividend/required return

Current price= 8/0.12= $66.67

Current price= $66.67

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