1. Selling Stock with Commissions At your full-service brokerage firm, it costs $125 per stock trade. How much money do you receive after selling 100 shares of Time Warner, Inc. (TMX), which trades at $22.77?

$2,152.00

$2,277.00

$2,402.00

$2,746.25

2. Value of a Preferred Stock If a preferred stock from Pfizer Inc. (PFE) pays $16.00 in annual dividends, and the required return on the preferred stock is 11.00 percent, what's the value of the stock?

$1.76

$145.45

$176.00

$1.45