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1. An Allied Northern preferred stock pays a $3.84 annual dividend. What is the value of the stock to an investor who requires a 9.5% return?

A. 40.42

B. 42.67

C. 38.40

D. 39.21

2. What is the value of the share of stock of HOV Inc., to an investor who requires a 12% rate of return if HOVs current dividend is $1.20? Assume earnings and dividends are expected to grow at a compound annual rate of 7%.

A. $24.00

B. $18.34

C. $25.68

D. $19.82