Because of declining world-wide sales of its number one toy, Barbie, Mattel Inc. announced today that it is suspending dividend payments on its preferred shares. The shares have a 7% annual dividend, have a par value of $100 and are non-cumulative. The next dividend would have been paid tomorrow (if it were not suspended). Analysts expect Mattel's profits to rebound strongly in the next two years and half due to the introduction of a new line of Barbie and Ken adult toys. As a result, analysts expect that Mattel will resume dividends in three years time. What is the fair price for the shares today if investors require a return of 9%?
◦ $68.35
◦ $65.46
◦ $70.71
◦ $60.14
◦ $71.87
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