5. Toyota has preferred stock outstanding that pays a $1.00 quarterly dividend and has a required return of 12% APR. What should the stock be worth today?

6. Winter Time Adventures is going to pay an annual dividend of $2.86 a share on its common stock next year. This year, the company paid a dividend of $2.75 a share. The company adheres to a constant rate of growth dividend policy. If the current stock price is $40, what is the required return for the Winter Time stocks?