All of the following are characteristics of total quality management except Select one: O a. concern for continual improvement O b. improvement in the quality of everything the organization does O c. accurate measurement O d. intense focus on the competition LG 2 P7-7 Common stock valuation: Negative growth Nick is a security analyst in an investment- banking firm. His supervisor asked him to evaluate a preferred stock. The par value of the preferred stock is $100 and it pays an annual dividend of $5.30 per share. Answer the following questions on the basis that the market required return is 7%. a. What is the market value of the preferred stock? b. Suppose an investor purchased the preferred stock today, held it for one year, and sold it upon receiving the dividend. If the market required return is 8% when he sold the preferred stock, what is the investor's total rate of return