The first bank of ellicott city has issued perpetual, Ask an Expert

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The First Bank of Ellicott City has issued perpetual preferred stock with a $100 par value. The bank pays a quarterly dividend of $1.65 on this stock. What is the current price of this preferred stock given a required rate of return of 12.5 percent? (Round answer to 2 decimal places, e.g. 15.25.)

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