Timeless Corporation issued preferred stock with a par value of $1000. The stock promised to pay an annual dividend equal to 20% of the par value. The stock is currently selling for $661.00. What discount rate is being used to value the stock? 33.26% 31.83% 30.26% 28.17% 25.54%

Timeless Corporation issued preferred stock with a par value of $1000. The stock promised to pay an annual dividend equal to 20% of the par value. The stock is currently selling for $661.00. What discount rate is being used to value the stock? 33.26%31.83%30.26%28.17%25.54%