The preferred stock of McKinney lines , inc, pays an annual dividend of $6.45 and sells...
The preferred stock of McKinney lines , inc, pays an annual dividend of $6.45 and sells for$75.70 a share what is the rate of return on this sicurity?
Homework Answers
Stock price=(Annual dividend)/(Required rate of return)
Substituting the values, we get;
75.70=(6.45)/(Required rate of return)
(Required rate of return)=(6.45)/75.70
=>(Required rate of return)=(6.45)/75.70=0.085204756 or 8.52%
(Rounded to two decimal places)
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