老师，答案显示不全。而且题目中有两段关于perpetual stock的描述，他们的区别是什么？应该看哪一个？

问题如下：

5. The capitalization rate of the preferred stock of Standard Company is closest to:

选项：

2.75%.

4.96%.

5.54%.

解释：

C is correct.

The value of non-callable fixed-rate perpetual preferred stock is calculated as

$V_0=\frac{D}{r}\to r=\frac{D}{V_0}$

where D is the constant dividend per share and r is the discount rate. The discount rate of a perpetuity is often called the capitalization rate. For Standard Company, the dividend is D = 2.75% × $100 = $2.75.

Therefore,

$\begin{array}{l}r=\frac{2.75}{{49.60}_{}}=5.54\%\\ \end{array}$