Assuming a required rate of return of 10%, which of the following stocks should have the lowest price? A common stock with an expected dividend of $1.50 in the next twelve months and annual dividend reduction of 2% per year A preferred stock with annual dividend of $1.50 A common stock with an expected dividend of $2.00 in the next twelve months and annual dividend increases of 2% per year A common stock with an expected dividend of $1.50 in the next twelve months and annual dividend increases of 2% per year