Airdrie Lanes preferred shares pay an annual dividend of $1.20, payable on a quarterly basis. Current yields

Question:

Airdrie Lanes preferred shares pay an annual dividend of $1.20, payable on a quarterly basis. Current yields of similar risk preferred shares are 3 percent. What is the price of each preferred share?

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...

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