19. Assume that the dividend on J.P. Morgans $1.57 preferred stock issue is paid annually at the end of the year. If the price of the stock is $40, what is the stockholders expected return?

20. Fast Wheels, Inc. just paid a dividend of $2.17. Dividends have been growing at a compound annual rate of 7 percent and are expected to continue growing at that rate. What is the value of a share of Fast Wheels if similar stocks return 12 percent?

21. Assume that the dividend on Central Power Company's $2.01 preferred stock issue is paid annually at the end of the year. Determine the price of this issue if its return is 7%.