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Question One a) From your studies, what is corporate finance? Briefly explain what corporate finance is concerned with and explain why it is argued that wealth maximization provides a more meaningful objective than profit maximization 4 marks b) The required return on a preferred stock is 10% and a company pays dividends of K8.125 per year. Find the value of the stock today if Vps= D/kps, Where D is the dividend on the preferred stock and kps is the required rate of return 2 marks c) A company pays a dividend that has a constant growth rate g of 10% per year and the company most recent dividend payment was K1.82. The required rate of retum is 16%. Find the value of this stock in the market if dividends are assumed to grow at a constant rate of growth g (Gordon's Model). Po= Do (1+g)t/ks-g = D1/ks-g Where G=growth rate, Ks= required rate of retum, Do= recently paid dividend and D1= D0 (1+g)1 2 marks