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5. Preferred stock Taylor Inc. has perpetual preferred stock outstanding that has a par value of $100 per share and a dividend yield of 9.4% of stated value. If the appropriate interest rate for Taylor's preferred stock is 8.3%, how much is each share of preferred stock worth? O $98.80 O $102.41 O $97.59 O $113.25 O $101.20 Sometimes firms fall behind in their preferred dividend payments. However, preferred stockholders do not receive any interest on accumulated dividends. As a result, some have argued that firms have an incentive to delay paying preferred dividends. Which of the following might be an argument against this? Firms must pay a penalty to stockholders for delaying preferred dividends. O If preferred dividends have not been paid in a long time, common stockholders may be forced into sharing some control with preferred stockholders O Failure to make preferred dividend payments will cause the firm to go into default. O After three consecutive missed preferred dividends, preferred stock is immediately converted to common stock