Hooks Athletics, Inc., has outstanding a preferred stock with a par value of $30 that pays a dividend of $2.00. The preferred stock is redeemable at the option of the stockholder in 10 years at a price equal to $30. The stock may be called for redemption by the company in 15 years at a price of $31. (Any stock that is not redeemed at the end of 10 years can be expected to be called by the company in 15 years.) If you know that investors require a 13 percent pretax rate of return on this preferred stock, what is the current market value of this preferred stock? Use Table II and Table IV to answer the question. Round your answer to the nearest cent. TABLE Present Value Interest Factor PVIFTS1 at 5 per period for a periods PVIF 1 PV-FV, PVIF.) TABLE Present Value of an Annuity Interest Factor (PVIFA) ($1 per period at per period for a periods: PVIFA PVAN, - PMT PVIFAA 101 12 food 16 1.000 1.000 1.000 100 Perioden 15 0 1 0.990 2 0.900 0.071 0.001 S 0.951 LES 1.000 0.917 0.342 20 0.708 0.826 0.751 0812 0110 2641 1690 2402 0.909 1736 3.170 3.791 0.772 0556 0.713 119 0.001 1.713 24H 3102 36% 4712 5145 5.517 RE 3.087 4111 0.993 0,521 3.605 99 0917 1.799 3.340 3.890 5.030 5535 5.995 6418 6.805 2.361 2.974 3.517 4473 0 5 0561 4355 4917 06 0.04 0.735 0.68! 0.836 0.583 0.540 0.500 0403 0.429 0.797 0.368 0.340 0.015 0.292 0.270 4504 SH 5.799 6.145 941 5.899 0.04 0722 8.766 833 1.000 0.85 0.780 0.602 0613 0.54 0.480 0.475 070 0.333 0.295 0.261 0.21 0.2014 0.181 0.160 0.141 0.125 0.111 0.098 0.067 0.053 0.047 0.40 0434 0.391 0.352 0312 0296 0.256 0.232 0.200 0.15 0.170 0.153 0.138 0.893 0.797 0.712 0636 0.567 0.507 0452 0404 0.361 0.322 0.28 0.257 0.229 0.205 0.183 0.163 0.146 0.130 0.116 0.104 D. 0.050 1990 0.547 0.502 0.460 0422 JB 0.156 0.326 0.299 0.275 0.252 0.231 0212 2911 0.19 0.178 0.126 0.116 3354 3.5 0513 0.467 0.424 0386 0350 0.110 0.290 0.263 0.210 0.218 0.198 0.180 0.164 0.149 0.102 0092 . 7367 7.786 9.712 7.103 7.606 7.824 RO 23 0923 9 0914 10 0.905 11 0.890 12 0.887 13 0.379 14 0.370 15 0.861 16 0.853 17 0.354 10 18 0338 19 0.328 0.520 0.758 * 0.780 30 40 0.672 50 60 Perioden 14% 1.000 1 0877 2 0.769 07675 0.52 0519 7379 3.79 3.02 Golv 2,195 0.732 0.215 0.158 0.146 0.099 5328 5.650 5.938 6.194 6.628 6.974 7.120 7.250 7.366 7.469 7.784 7.543 8.055 8241 8.304 R$24 8.312 8.544 8.750 8.950 9.128 2707 9.823 10.274 10.757 10.962 11.04 041 2013 0114 8.701 8.365 8514 8.985 9077 9427 9.779 9.915 9.967 0,082 0.074 0044 0015 0.005 0.002 0.009 3N 1.000 1.000 1.000 1.000 0.980 0.971 0.935 0.961 0.943 0.905 0.800 0.873 0.042 0.915 0.00 0.854 0340 0.816 090 0855 0.763 0.06 0.83 0.784 0.247 OBN 0838 0.371 0813 0.760 011 0.685 0673 0.33 0.709 0.731 0.677 0.621 0.52 0.837 0.766 0703 0.645 0.592 0.51 OM 0.744 0.076 0.614 w 0.550 0.500 00 0.527 20 6.65 0.789 0.701 0.557 0.407 0.444 0.773 0,681 4.601 0.500 0.400 0.415 0.758 0.661 0.577 0.S0S 0.42 0.388 0.74 0.642 6.555 0.481 0.417 0.362 0.728 0623 0534 0.458 0.394 0.339 AT 0.714 0.605 0513 0.436 0.371 312 0.317 0.494 0.416 0350 0.296 0.680 0.570 0.475 0.395 0331 0.776 6.456 0.250 0.622 0492 0310 0.247 0.197 0.610 0473 0.375 0.223 0.184 0.552 0.00 0.231 0.131 0453 0.307 0.30 0.100 0.372 0.228 0.141 0.054 0.001 0.305 0.170 0.95 0.030 0.017 159 1.000 1000 1000 1000 1.000 0.870 0562 QESS 0.547 0.840 0.756 07 0.731 0.718 0658 0706 0641 06 0593 0572 0.552 0534 OS 0.490 0418 0456 0411 0410 041 0410 0.390 0.370 0.352 0.30 0.354 0.333 0314 0.296 0.00 0.200 0.03 0.284 0.25 0.24 0.225 0.00 0.24 0227 0.2012 0.191 0.215 0.195 0.178 0.162 0.140 0.160 0.16 0152 0.117 0.134 0.16 0.145 0.130 0.110 0.104 0.141 0125 0.111 0.000 0.000 0123 0.100 0.095 0.001 0.074 0.100 0.00 0.081 ar 0.071 0.06 000 0.000 Ond 0.052 0081 0069 0.059 0.051 0.044 0.060 0.051 0.043 0.032 0.051 0.037 0.031 0085 0.000 0.023 0.019 G.DIS 0.030 0.024 0.020 0.016 0.013 0.015 0.012 0.009 0.007 0.005 0.001 0.003 0.002 0.001 0.001 0.001 0.001 0.000 0.000 0.000 0.011 6492 6.750 6982 7.191 7549 7.702 7.839 7.963 8.340 8.422 3.694 8951 9.012 9.074 37 0.758 1.332 1.766 2.096 2.345 2.54 0.012 0.013 0.006 0.022 0.009 0.000 0.00 0.054 8% 0.926 1783 2577 3312 3993 4623 5.200 5767 6.27 6710 7.139 7536 7904 8.244 559 8.851 9.122 9.372 ned 9818 10.52 10615 11.250 11.905 12233 12.377 201 0.833 1.528 2.106 2.589 2.991 3:33 3.505 3.837 4.831 4.193 100 4.513 4.611 4.675 4730 4.775 OS 434 4310 4932 4.94 0.007 0.550 0.00 0.001 0.010 Period 19 0.990 0.980 0971 0.952 0043 0.935 2 1970 1942 1913 1859 1.833 3 2854 2829 2.775 2721 2.673 2.024 4 3.902 3.808 3.717 3630 3.465 3.387 5 > 4853 4713 4580 4329 4212 4.100 0 5.601 5417 5.242 5.076 4.766 2 6.728 6.472 6230 6.002 5.76 553 5. 8 7653 7325 7020 6733 6.41 6210 5.971 9 8.566 8.16) 7788 7415 7.100 6803 6515 10 8.983 8530 8.111 1722 7.360 9.787 9253 7.024 11 10.368 7490 12 11255 10.575 9.954 8.353 13 12.134 11.348 10635 7.943 9.394 14 13.004 12.106 11.296 10.563 9.899 9.299 15 13.865 12.849 11.938 11118 10:380 9.100 16 14718 13.578 12561 11.632 10.838 10.106 17 15.562 14292 13.166 12.166 11.274 10.477 18 16.398 14.992 13754 12.559 11.090 10.52 10,959 19 17.226 15.678 15678 1424 13.134 13.14 12.05 11.158 10.136 20 18.046 16351 14.877 13.590 12.462 11.470 10.594 21 21.30 18.01 16.936 1520 13.790 12.558 110 25 22.023 19.523 17413 15.622 14.094 12.780 11.454 25.808 22.397 19.600 17.292 15.373 13.765 12409 32.835 27355 23.115 19.793 17.159 15.045 13.332 50 39,196 31424 25.730 21.482 18.256 15.762 13.301 60 44.955 34.761 27676 22.623 18.929 16.161 14.019 Perioden 14 15 15% 17 194 0.877 0.840 1.626 1.605 1.565 1.560 1.547 2.322 2.283 2.246 2.210 2.174 2.140 4 2.914 2.790 2.743 2.890 2639 5 2.432 3274 3.199 3.127 3.58 6 3.889 3.784 3.05 3.59 3.490 3410 7 4388 4.160 4019 3.932 w 3.312 3.706 4.639 . 4487 4.207 4.070 3.954 4451 4.303 10 5.216 4.659 4.494 4339 11 5.453 50 5029 4.236 4.656 12 5660 5.421 601 5.197 4611 10 530 5581 5.342 4.910 4715 20 6.002 14 5724 15 S00! 5.468 4802 15 6.142 SIM 5573 532 4.876 16 6.265 5.954 5.660 13 5.405 5.162 4.938 17 6.373 6047 5475 5.222 4.990 18 6467 CAS 6.128 5818 5.534 5.273 5.033 19 6550 6.198 5.87 5016 5514 5070 20 6.623 6.259 5.929 5.628 5353 S.101 2 6.04 6,073 5.746 5451 5.182 25 6.71 6097 5.766 5.467 5.195 30 7.003 6.566 6.172 5.829 5512 5.235 7.105 6612 6233 5871 5.50 50 6661 6.246 5.80 5.554 5.252 5480 5.687 3.918 6.122 6.302 6.462 6604 6.729 6.540 6.938 7.025 7.283 7.330 7.496 7.634 7.675 7.687 40% 0.714 1.224 1589 1,349 2,035 2.168 2.263 2.31 2.379 2.414 2438 2456 WHHHWBHUw st":""? ===REDbHEmm SR 1.000 GLASS 0.001 40% 1.000 0.714 0.510 QUOS 015 1.000 0.806 0.650 1.000 0.781 0.610 0364 0.574 0435 0.329 0. 0.189 0.14) 2355 L22 044 0.260 0.1 0.13 0.09 0.000 0.048 0033 0.035 0.010 310 3566 1.392 1.868 2241 2.532 2.759 2.937 3.184 3.269 2.1 3.076 4772 5:2234 017 4833 5019 2678 2.706 2.168 2.950 2978 1.013 1.335 0.833 0.691 05 042 0402 0335 0.299 028 0.194 0.102 0.135 0.112 0.093 0.079 0.005 0054 0.045 0038 0.031 002 0.013 0.010 0.004 0.001 0.000 1.000 0.735 0.541 0.398 0.282 0.215 0.158 0.116 0.015 0.046 0.034 0035 0.018 0.014 0.010 0.005 0.004 0.003 0.002 0.001 0.000 0.000 0.000 0.000 0421 0.141 0275 0.222 0.17 0.144 0.116 00H 2015 0051 0.049 0010 0082 - but 0021 0017 0014 0.006 0.00 0.002 0.000 0.000 2161 1.457 1.981 2.404 2.145 3.020 3.421 3582 3.682 3.776 3.851 2.912 3.962 4001 4033 4059 4.000 4,097 4110 4163 4,147 4160 0373 0.01 0227 0.178 0139 0.100 0.083 002 0.040 0.002 0.005 0.019 0.015 0012 0.009 0.007 0.003 0.002 0.001 0.000 0.000 0400 0.35 0308 0.270 0.237 0.000 0.12 0.160 0.140 0.123 0.10 0.095 0.00 003 0043 0018 0.020 DOOS 0.001 24/8 0.009 1.276 1.674 1.966 2.181 2.399 2.455 2.540 2.600 2.650 2.683 2.706 3797 32 2.740 2.750 2.758 2.763 2.767 2.770 2.772 2.776 2.776 2.778 5017 5092 0.082 0.002 0.017 06 0.027 0.021 0.016 0.012 0.000 0.007 0.005 0.004 0.001 0.001 0.000 0.000 0.000 226 2.482 3.503 0.00 0.003 5:24 12 18 19 1518 1040 3,061 3.076 10 3.0EB 3.007 3.104 3.109 3.113 3.121 2.122 2.1M 3.135 3.125 0.002 0.001 0.000 0.000 0.000 0.000 0.000 24 3529 7519 3.546 3.562 2.554 3.560 3521 2.571 2.489 2482 2494 2496 2497 249 2.490 2.500 2.500 2.500 7.133 4.999 4.167 2.778