1.3 a. (5 points) You have a 5% non-callable, non-retractable preferred stock with annual dividends. The liquidating value is $100 and your discount rate is 9%. What is the preferred stock worth? b. (5 points) You have a 5% callable, non-retractable preferred stock with annual dividends. The liquidating value is $100 and your discount rate is 9%. What is the preferred stock worth if it is called in 6 years?