1. AT&T Inc. has preferred stock (ticker: T-PA) that pays a dividend of $1.25 every year. If the discount rate on investments like this is 4.7%, what is the value of the preferred stock? (3 points) 2. Kellogg Company (ticker: K) just paid a dividend of $2.28 per share. Dividends are expected to grow at 4.5% per year. If the discount rate is 8.5%, what is the stock worth today? (4 points)