A Preferred Stock Will Pay a Dividend of $3

A preferred stock will pay a dividend of $3.00 in the upcoming year,and every year thereafter,i.e.,dividends are not expected to grow.You require a return of 9% on this stock.Use the constant growth DDM to calculate the intrinsic value of this preferred stock.

A) $33.33
B) $0.27
C) $31.82
D) $56.25
E) none of the above