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Super-Drybulk Inc. has fallen on hard times. Low shipping rates during the COVID-19 pandemic have reduced earnings to nothing. Their preferred shares (face value $100) carry a 7.50 % annual dividend and the next dividend is due in one year from today. If these shares trade for $88.00 in the market today, what discount rate does this imply? % After the end of trading today comes the announcement: The company is suspending the preferred dividends and expects to only resume paying 4 years from now. Due to the elevated risk, discount rates shoot up to 15.50%. What is the price now assuming this is a non-cumulative preferred share? $ What is the price now assuming this is a cumulative preferred share where all omitted nominal payments (without penalties) will be made at the same time that regular dividends restart? $