Question: Joe Inc.s preferred stock is expected to pay a $2.52 dividend annually and is expected to do this forever. Joe Inc. is in a high-risk

Joe Inc.’s preferred stock is expected to pay a $2.52 dividend annually and is expected to do this forever. Joe Inc. is in a high-risk business that requires a 9.2% return. What is the estimated value of Joe Inc.’s preferred stock? _______________

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