问题
单项选择题
The preferred stock of the Delco Investments Company has a par value of $150 and a dividend of $11.50. A shareholder's required return on this stock is 14%. What is the maximum price he would pay（）
A. $82.14.
B. $150.00.
C. $54.76.
答案
参考答案：A
解析：
Value of preferred = D/kp = $11.50/0.14=$82.14.