Answer:
$50.82
Explanation:
Hecla mining corporation pays an annual dividend of $3.10
The required return on the preferred stock is 6.10 percent
Therefore the value of the stock can be calculated as follows
= Annual dividend/ required rate of return
= 3.10 / 6.10÷100
= 3.10/ 0.061
= $50.82
Hence the value of the stock is $50.82
