NO.PZ2018062002000162
问题如下：
The non-convertible and non-redeemable preferred shares issued by the American life insurance company are 5.80 percent at $30 par value. Similar issue has a required rate of return of 5 percent. The intrinsic value of preferred stock is closest to:
选项：
A.30.0
B.34.8.
C.25.6
解释：
B is correct.
The expected annual dividend is equal to 5.8% × $30= $1.74. The value of preferred stock is $1.74/0.05 = $34.8.
考点：GGM
优先股，类似债券有固定的股息。30是优先股的面值而不是价格，5%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。
这道题还可以按债券折价发行的思路去解题么，一眼可以看出答案。
