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: