一道关于preferred stock的题

大家帮忙看下下面这题为什么不能用 ￥2/8%来计算preferred stock的价值啊？记得这应该就是个公式啊。 先提前谢谢了！

A company has issued non-callable, non-convertible preferred stock with the following features:

·         Par value per share: $10

·         Annual dividend per share: $2

·         Maturity: 15 years

An investor’s required rate of return is 8%, and the current market price per share of the preferred stock is $25. By comparing the estimated intrinsic value with the market price of the preferred stock, the most likely conclusion is that the preferred stock is:

	undervalued by $15.00.
	overvalued by $4.73.
	fairly valued at $25.00.

Incorrect.

Using a financial calculator to find the present value (PV) of the future cash flows, intrinsic value is thus: FV = $10; n = 15; PMT = $2; r = 8%. Compute PV = $20.27.

The preferred stock is overvalued by $4.73 (Market price of $25 – Estimated value of $20.27).

当 优先股是无限期的时候 用这个利率，题目中 优先股有期限，相当于负债。