The price at which the stock should sell is $61.54.
Using this formula
Stock selling price=Preferred stock annual dividend/Preferred stock required return
Where:
Preferred stock annual dividend=$4.00 per share
Preferred stock required return=6.5% or 0.065
Let plug in the formula
Stock selling price=$4.00/0.065
Stock selling price=$61.538
Stock selling price=$61.54 (Approximately)
Inconclusion the price at which the stock should sell is $61.54.
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It is A. i think...........
Manage work more efectively
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