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9 . CBN LLC issued preferred stock many years ago. It carries a fixed dividend of $ 3 per share. With the passage of time,

9. CBN LLC issued preferred stock many years ago. It carries a fixed dividend of $3 per share. With the passage of time, yields have soared from the original 6 percent to 13 percent (yield is the same as required rate of return).
a. What was the original issue price?
b. What is the current value of this preferred stock?

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