maining Time: 05 minutes, 02 seconds. uestion Completion Status Assume that you would like to purchase 100 shares of preferred stock that pays an annul dividend of S6 per share. However, you have limited resources wys, so you cannot afford the purchase price. In fact, the best that you can do now is to invest your money in a bank account oaming vimple interest rate of 6 percent, but where interest is compounded daily (assume a 365-day year). Because the preferred stock is riskier, ir as a required al rate of eum of 12 percent assume that tas rate will remain constant over the next 5 years). For you to be able to purchase this stock at the end of 5 years, how much must you deposit in your bank account today, att 52.29123 5035135 2018 0511333 Question 10 of 10 Senwand Submit O 622 PM 10/20/2020 O O U G Ik L B N M