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GMX Resources, an independent oil and gas exploration and production company, has a 9.25% preferred stock outstanding Answer

Question GMX Resources, an independent oil and gas exploration and production company, has a 9.25% preferred stock outstanding, which pays an annual dividend of $2.3125. If investors require a return of 15% on small companies in this sector, what will this preferred stock sell for? (Points : 1)

$14.11        $14.72        $15.41        $28.58

Answer :  $ 15.41