Due to the cancellation of school, some of you can't attend the discussion. I attached the today's handout to the email. If you have any question, please let me know. Currently, we don't have the complete exam questions for Exam 3. I will send you guys another email later regarding to the exam. I will hold extra office hour next Wednesday, from 8:00am to 12:00pm. If you have question, you can stop by.

Please pay attention to the preferred stock, which has a stated liqudated value 100. When the question talks about 6.25% preferred stock, it means the dividend of the preferred stock is 100*6.25%=6.25. You always multiply the rate by the liqudated value 100, rather than the market value.