(Stock valuation) Suppose Toyota has nonmaturing (perpetual) preferred stock outstanding that pays a $1.00 quarterly dividend and has a required return of 12% APR (3% per quarter). What is the stock worth?

(Stock valuation) Suppose Toyota has nonmaturing (perpetual) preferred stock outstanding
that pays a $1.00 quarterly dividend and has a required return of 12% APR (3% per quarter).
What is the stock worth?








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