2. The National Bank of Columbia has issued perpetual preferred stock with a $100 par value. The bank pays a quarterly dividend of $1.40 on this stock. What is the current price of this preferred stock given a required annual rate of return of 8.5 percent? a) $16.47 b) $32.94 c) $49.41 d) $65.88

2. The National Bank of Columbia has issued perpetual preferred stock with a $100 par value. The bank pays a quarterly dividend of $1.40 on this stock. What is the current price of this preferred stock given a required annual rate of return of 8.5 percent? a) $16.47 b) $32.94 c) $49.41 d) $65.88