Several years ago, Rolen Riders issued preferred stock with a stated annual dividend of 12% of its $100 par value. Prefe

[answerhappygod]

Several years ago, Rolen Riders issued preferred stock with a
stated annual dividend of 12% of its $100 par value. Preferred
stock of this type currently yields 9%. Assume dividends are paid
annually.
What is the estimated value of Rolen's preferred stock? Round
your answer to the nearest cent.
$
Suppose interest rate levels have risen to the point where the
preferred stock now yields 13%. What would be the new estimated
value of Rolen's preferred stock? Round your answer to the nearest
cent.
$