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44.A company's series B,8% preferred stock with a par value of $50 pays quarterly dividends.Its current market value is $35.The shares are retractable (at par) with the retraction date set for three years from today.Similarly rated preferred issues have an estimated nominal required rate of return of 12%.Analysts expect a sustainable growth rate of 4% for the company's earnings.The intrinsic value estimate of a share of this preferred issue is closest to: A.$33.33. B.$45.02. C.$52.00. |
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