a) SDF Co. want to rise $20,000,000 through issuing preferred stock. The cost of preferred srock is estimated to be 11%

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a) SDF Co. want to rise $20,000,000 through issuing
preferred stock. The cost of preferred srock is estimated to be
11%. If the company wants to issue 1,000,000 shares of the
preferred stock, how much should be the promised dividend per
stock.
b) The Pennington Corporation issued a new series of bonds on
January 1, 1985. The bonds were sold at par ($1,000); had a 12%
coupon; and mature in 30 years, on December 31, 2014. Coupon
payments are made annually.
b.1. What was the YTM on January 1, 1985?
b.2. What was the price of the bonds on January 1, 1990 (5 years
later), assuming that interest rates had fallen to 10%?