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114. Hardwoods, Inc. is a mature manufacturing firm. The company just paid a $10 dividend, but management expects to reduce the payout by 9 percent each year, indefinitely. How much are you willing to pay today per share to buy this stock if you require a 15 percent rate of return? A. $34.79 B. $37.92 C. $38.27 D. $41.33 E. $42.09 115. Bechtel Machinery stock currently sells for $50 per share. The market requires a 15 percent return on the firm's stock. The company maintains a constant 8 percent growth rate in dividends. What was the mos recent annual dividend per share paid on this stock? A. $3.00 B. $3.24 C. $3.50 D. $3.67 E. $3.91 116. Southern Utilities just issued some new preferred stock. The issue will pay a $19 annual dividend in perpetuity beginning 9 years from now. What is one share of this stock worth today if the market requires a 7 percent return on this investment? A. $157.97 B. $164.16 C. $189.08 D, $241.41 E. $271.43