Question: A consistent dividend payment is preferred by your client who is retiring. They see the preferred stock for Microsoft Corp pays $5.19 annually. She

A consistent dividend payment is preferred by your client who is retiring.

A consistent dividend payment is preferred by your client who is retiring. They see the preferred stock for Microsoft Corp pays $5.19 annually. She wants a required return of 9.2%. What is the maximum price in dollars that should be paid for the preferred stock? Post your answer to the penny.

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