Question
5) On August 18 2017, Wells Fargo announced a quarterly cash dividend of $20.00 per share was declared on its 8.00% non-cumulative perpetual class A
5) On August 18 2017, Wells Fargo announced a quarterly cash dividend of $20.00 per share was declared on its 8.00% non-cumulative perpetual class A preferred stock, Series J, liquidation preference $1,000 per share. Based on the risk, the discount rate is 5% per year. What is the price of the stock? (Hint: This is a perpetuity)
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Practical Financial Management
Authors: William R. Lasher
8th edition
1305637542, 978-1305887237, 1305887239, 978-1305637542
