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5.Earley Corporation issued perpetual preferred stock with a 9% annual dividend. The stock currently yields 10%, and its par value is $100. a.What is the

5.Earley Corporation issued perpetual preferred stock with a 9% annual dividend. The stock currently yields 10%, 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 14%. What is its new market value? Round your answer to two decimal places.

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