Sam just won the grand prize in a national "howl at the moon" contest. His prize is to receive an annuity paying $3,000 per quarter for 9 years. If he can earn 4.5% annually on his money, what is his prize worth today?

Group of answer choices

$139,520

$57,256

$172,253

$74,555

$88,404

A preferred stock is priced at $27.50 and has a required return of 5%. What is the amount of the annual preferred dividend?

Group of answer choices

$2.20

$1.375

$2.36

$1.1875