Villalpando Winery wants to raise $15 million from the sale of preferred stock. If the winery wants to sell one million shares of preferred stock, what annual dividend will it have to promise if investors demand a return of

a.11%?

b.14%?

c.8%?

d.7%?

e.5%?

f.3%?

a. What annual dividend will it have to promise if investors demand a return of 11%?