SOLVE WITH EXCEL:

Working as an investment analyst for a fund that invests in equity, you must diversify the portfolio to protect against downside risk. You are to evaluate equity options with lower risk. Determine the value of a preferred stock that pays a $$4\mathrm{.}04$ dividend annually $($and is expected to do so into perpetuity$),$ assuming an interest rate of $6\%.$

a$.$ $$4\mathrm{.}04$

b$.$ $$67\mathrm{.}40$

c$.$ $$66\mathrm{.}40$

d$.$ $$68\mathrm{.}40$