What is the present value of $1,400 a year at a discount rate of 8 percent if the first payment is received 7 years from now and you receive a total of 25 annual payments? $9,333.33 59,420.12 59,238.87 $9, 417.69 59.881322 Bridgewater Inc. has a bond issue outstanding with a 51,000 par value and a maturity of 20 years. The bonds have an annual coupon rate of 6.0 with quarterly coupon payments. The current market price for the bonds is $895. The bonds may be called in 3 years for 51200. What is the quoted annual yield- to-maturity for the bonds? 3.95 percent 8.25 percent 15.8 percent 5.75 percent FINA company preferred stocks are paying 510 dividends per share. FINA sold its preferred shares for 5210 and had to incur 510/share floatation cost. The tax rate is 20 percent 4.8% 5 S