Villalpando Winery wants to raise $40 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. 12%? b. 16%? c. 8% d. 10% e, 5%? f. 4%? a. What annual dividend will it have to promise if investors demand a return of 12%? $ 4.80 (Round to the nearest cent.) b. What annual dividend will it have to promise if investors demand a return of 16%? $ 6.40 (Round to the nearest cent.) c. What annual dividend will it have to promise if investors demand a return of 8%? (Round to the nearest cent.)