Question: Matthew is considering purchasing some preferred stock from Crane Corp. The company pays a $11 annual dividend per share on its preferred stock, and similar

Matthew is considering purchasing some preferred stock from Crane Corp. The company pays a $11 annual dividend per share on its preferred stock, and similar risk companies are earning 9% annual returns. What should be the value of the stock per share?

$9.90

$1222.22

$99.00

$122.22

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