4. (Ignore income taxes in this problem.) Five years ago, Amir purchased 600 shares of 9%, $100 par value preferred stock for $70 per share. Amir received dividends on the stock each year for five...

4. (Ignore income taxes in this problem.) Five years ago, Amir purchased 600 shares of 9%, $100 par value preferred stock for $70 per share. Amir received dividends on the stock each year for five years, and finally sold the stock for $90 per share. Instead of purchasing the preferred stock, Amir could have invested the funds in a money market certificate yielding a 16% rate of return.

Required:

Determine whether or not the preferred stock provided at least the 16% rate of return that could have been received on the money market certificate.