1. In 2018, Smiths Corp. issued a $100 par value preferred stock that pays a 7 percent annual dividend. Due to changes in the overall economy and in the company's financial condition, investors are now requiring a 10 percent return. What price would you be willing to pay for a share of the preferred if you receive your first dividend one year from now?

   		$92.86
   		$30.00
   		$70.00
   		$63.38
   		$68.37