$10$

Enterprise Storage Company has $580,000$ shares of cumulative preferred stock outstanding, which has a stated dividend of $$4\mathrm{.}65.$ It is six years in arrears in its dividend payments. Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods.

a$.$ How much in total dollars is the company behind in its payments?

Note: Do not round intermediate calculations. Input your answer in dollars, not millions $($e$.$g$.,$ $$1,234,000).$

Dividend in arrears

$

$16,182,000$

b$.$ The firm proposes to offer new common stock to the preferred stockholders to wipe out the deficit. The common stock will pay the following dividends over the next four years:

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