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1. A communications company pays annual dividends of $5.50 with no possibility of it changing in the next several years. If the firm's stock is currently selling at $39.30, what is the required rate of return? (Round to nearest whole number.) a. 16% b. 13% c. 14% d. 15% Answer: 2. Preferred stock resembles a bond because a. dividends on preferred stock increase over time. b. preferred dividends are due before common dividends are paid. c. dividends on preferred stock reduce a firm's tax obligation. d. preferred stock is a debt security that pays interest. Answer: 3. The JRR Company has preferred stock outstanding that pays a $4.50 dividend annually and sells for $48.20 per share. What is the rate of return? a. 8.98% b. 7.70% c. 9.34% d. 8.23% Answer: 4. Which of the following is a simplifying assumption that is made when applying the dividend discount model to common stock valuation? a. All of the items listed. b. Dividend growth rate is not equal to the required rate of return. c. Dividends grow at a constant rate forever. d. Required rate of return is a positive number