Use Excel for solution.
Suppose Toyota has nonmaturing (perpetual) preferred stock outstanding
that pays a $1.00 quarterly dividend and has a required return of 12% APR
(3% per quarter). What is the stock worth?
If you use the spreadsheet method shown in the workshop, assume "perpetual" means 63 years (due to a limitation in Excel).
If you use the Excel formula, assume payments are made at the end of the period.
Toyota stock valuation of non-maturing preferred stock is provided. Excel formula is used to determined the payments.