Determine the value of a share of DuPont Series A $4.50 cumulative preferred stock, no par, to

Question:

Determine the value of a share of DuPont Series A $4.50 cumulative preferred stock, no par, to an investor who requires a 9 percent rate of return on this security. The issue is callable at $120 per share plus accrued dividends. However, the issue is not expected to be called at any time in the foreseeable future.