Suppose you are the CEO of a public company and your investment banker recommends that you issue some preferred stock at $50 per share. Other preferred stock issues of similar risk have an expected return of 6%. (So the discount rate for your preferred stock is 6%.) What annual cash dividend does the firm need to offer on its preferred stock to be competitive in the marketplace? In other words, what cash dividend paid annually forever, starting one year from now, would be worth $50 today with a 6% discount rate?