Question: hello, i need help solving this HW problem. Due tonight Achi Corp. has preferred stock with an annual dividend of $3.08. If the required return

hello, i need help solving this HW problem. Due tonight

Achi Corp. has preferred stock with an annual dividend of $3.08. If the required return on Achi's preferred stock is 8.5%, what is its price? (Hint: For a preferred stock, the dividend growth rate is zero.) Achi's stock price will be $ (Round to the nearest cent.)

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