General Dynamics International LLC has issued preferred stock ( $35 par value) that pays an annual dividend of $3.85. The preferred stock matures in 13 years. At that time, holders of the stock will receive, at their option, either $35 or one share of common stock with a value up to $48. If the common stock is trading at a price above $48, the preferred stockholders will receive a fractional share of common stock worth $48. If the market requires a 17% 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? $30.49$41.73$24.25$25.94