The carmar company has preferred stock that is selling at $22 per share and its preferred stockholders have a required return of 14.54%. The company has common stock too and expects to pay dividends of $1.10 per share in 2016, $1.00 in 2017, zero in 2018 and $1.05 in 2019. It also expects that the market price of its common stock in 2019 will be $37 per share. Common stockholders have a required rerun of 16%. (a) What dividend does the preferred stock pay? (b) What is the value of the common stock in 2015?