The preferred stock of General Motors pays an annual dividend of $0.9 forever. The appropriate discount rate is 7% per year. Attempt 1/3 for 10 pts. What is the present value of the preferred stock? Kate Milling has calculated that she'll need $66,000 to pay for her son's college education, which will start in 15 years. How much should she save in each of the next 15 years? Her bank offers an annual interest rate of 5% (annual compounding) and her first deposit will be one year from now. You want to borrow $900,000 from your bank to buy a business. The loan has an annual interest rate of 3% and calls for equal annual payments over 10 years (starting one year from now), after which the loan is paid back in full. - Attempt 1/3 for 10 pts. What is the annual payment you have to make? The preferred stock of General Motors pays a dividend of $2 every quarter. The appropriate discount rate is 2% per quarter. Attempt 1/3 for 10 pts. What is the present value of the preferred stock? Attempt 1/3 for 10 pts. If you expect to receive the $2 every quarter, starting one quarter from now, for exactly 2 years and nothing thereafter, what is the present value of the preferred stock