NO.PZ2015122802000162
问题如下：
A Canadian life insurance company has an issue of 4.80 percent, $25 par value, perpetual, non-convertible, non-callable preferred shares outstanding. The required rate of return on similar issues is 4.49 percent. The intrinsic value of a preferred share is closest to:
选项：
A.$25.00.
B.$26.73.
C.$28.50.
解释：
B is correct.
The expected annual dividend is 4.80% × $25 = $1.20. The value of a preferred share is $1.20/0.0449 = $26.73.
考点：GGM
优先股，类似债券有固定的股息。25是优先股的面值而不是价格，4.8%是优先股的coupon rate而不是发布比例。每一期的分红就是优先股的面值乘以coupon rate。
优先股相当于是永续年金，分红不变，g=0。根据GGM，优先股的价值等于D除以r就可以了。
什么是coupon rate，什么是issue？
