10-8: Preferred Stock Preferred stock valuation Ezzell Corporation issued perpetual preferred stock with a 8% annual dividend. The stock currently yields 9%, and its par value is $100. a. What is the stock's value? Round your answer to two decimal places. $ b. Suppose interest rates rise and pull the preferred stock's yield up to 15%. What would be its new market value? Round your answer to two decimal places. $