You are considering preferred stock that pays a quarterly dividend of $1.50. If your desired return is 3% per quarter, how much would you be willing to pay?

17. An investment will provide you with $100 at the end of each year for the next 10 years. What is the present value of that annuity if the discount rate is 8% annually?

18. What is the present value of the above if the payments are received at the beginning of each year?

19. If you deposit those payments into an account earning 8%, what will the future value be in 10 years?

20. What will the future value be if you open the account with $1,000 today, and then make the $100 deposits at the end of each year?