Which of the following statements concerning security valuation is least accurate（）
A. A stock with a dividend last year of $ 3.25 per share, an expected dividend growth rate of 3.5%, and a required return of 12.5% is estimated to be worth $36.11.
B. A stock to be held for two years with a year-end dividend of $2.20 per share, an estimated
value of $20.00 at the end of two years, and a required return of 15% is estimated to be worth $18.70 currently.
C. A preferred stock with a dividend of $3.00 per share and a required return of 11.5% is estimated to be worth $ 26.09 currently.
