1. a. Caspian Sea is considering raising $34.00 million by issuing preferred stock. They believe the market will use a discount rate of 10.77% to value the preferred stock which will pay a dividend of $3.98. How many shares will they need to issue?
2. b. Caspian Sea is considering raising $27.00 million by issuing preferred stock. They believe the market will use a discount rate of 10.42% to value the preferred stock which will pay a dividend of $2.33. How many shares will they need to issue?

ROUND TO 0 DECIMAL PLACES.