(Preferred stock valuation) Haney, Inc.'s preferred stock is selling for $21.75 per share in the market and pays a $3.75 annual dividend. a. What is the expected rate of return on the stock? b. If an investor's required rate of return is 9 percent, what is the value of the stock for that investor? c. Should the investor acquire the stock? a. The expected rate of return on the stock is \%. (Round to two decimal places.)