Principles of financial management hw5 question 3

= Homework: HW 5 (Ch. 8) Question 3, Bookmatch ... HW Score: 0%, 0 of 10 points O Points: 0 of 1 (Preferred stock valuation) What is the value of a preferred stock when the dividend rate is 16 percent on a $100 par value? The appropriate discount rate for a stock of this risk level is 12 percent. The value of the preferred stock is $. (Round to the nearest cent.)