22. Copper Creek preferred stock pays annualdividend of $3 per share. If the current interest rate i

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22. Copper Creek preferred stock pays annualdividend of $3 per share. If the current interest rate is 5%, howmuch should an investor be willing to pay for this preferredstock?
Please showalgebraic
work.
23. Los Sanjos Inc. currently pays an annualdividend of $3.50 per share on its common stock. They plan tomaintain the dividend at this level. No future growth isanticipated. If the current interest rate is 8%, what would be thecurrent price of the common stock? Please showalgebraic
work.
24. Johnson & Jerry Inc. currently pays anannual dividend of $5. The dividend is expected to grow at aconstant rate of 5%. If the interest rate is 10%, what is thecurrent stock price? Please show algebraic
work. . . .

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