A preferred stock from Hecla Mining Co. (HLPRB) pays $3.50 in annual dividends. If the required return on the preferred stock is 6.8 percent, what is the value of the stock? (Round your answer to 2 decimal places.) Please avoid solutions image

Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter8: Basic Stock Valuation
Section: Chapter Questions
Problem 21MC
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A preferred stock from Hecla Mining Co. (HLPRB) pays $3.50 in annual dividends.

If the required return on the preferred stock is 6.8 percent, what is the value of the stock? (Round your answer to 2 decimal places.)

Please avoid solutions image based thnx

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