Arrow Electronics International Limited has issued preferred stock ($55 par value) that pays an annual dividend of $4.75. The preferred stock matures in 19 years. At that time, holders of the stock will receive, at their option, either $55 or one share of common stock with a value up to $72. If the common stock is trading at a price above $72, the preferred stockholders will receive a fractional share of common stock worth $72. If the market requires a 13% rate of return on a stock of this risk and maturity, what is the maximum value for which the share can be expected to trade? Question 22 options: $62.53 $38.35 $45.41 $40.02