A company has issued non-callable, non-convertible preferred stock with the following features:
·Par value per share　　　　　 $10
·Annual dividend per share　　 $2
·Maturity　　　　　　　　　 15 years
If an investor's required rate of return is 8% and the current market price per share of the  preferred stock is $25, the most likely conclusion is that the preferred stock is:

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