Value of a Preferred Stock If a Preferred Stock from Pfizer

Multiple Choice

Value of a Preferred Stock If a preferred stock from Pfizer Inc.(PFE) pays $3.00 in annual dividends,and the required return on the preferred stock is 7 percent,what's the value of the stock?

A) $0.21
B) $0.43
C) $21.00
D) $42.86