16. Please see attachment Thank you. ..............................

Barnes Air Conditioning Inc. has classes ot preterred stock: floating rate preferred stock and straight (normal) preferred stock. Both issues nave a par value ot $100. The floating-rate preferred stock pays an annual dividend yield ot 4 percent, and the straight preferred stock pays 8 percent Since the issuance ot the two securities, interest rates nave gone up by 1.00 percent tor each issue. dotn securities will pay their year-end dividend today. a. What is the price of the floating-rate preferred stock most likely to be? (Do not round intermediate calculations and round your answer to 2 decimal places.) p rice b. What is the price ot the straight preferred stock likely to be? (Do not round intermediate calculations and round your answer to 2 decimal places.) p rice