(2a) Mr. Miyagi Inc (WAXON) is paying $12.15 in annual dividends for its preferred stock. The required return on the preferred stock is 5.9 percent, what is the value of the preferred stock?

A) $12.15

B) $12.87

C) $67.42

D) $134.83

E) $205.93

(2b) Mr. Miyagi Inc (WAXON) is paying $12.15 in annual dividends for its preferred stock. The required return on the preferred stock is 5.9 percent, what is the value of the preferred stock?

A) $12.15

B) $12.87

C) $67.42

D) $134.83

E) $205.93