Answer the following Preferred Stock questions in Excel. Show your work

Echo Corporation issued preferred stock in 2015 that had a par value of $75. The stock pays a dividend of 6%. Assume that the markets required yield (required rate of return) is 7.5%, and the current price of the preferred stock is $60.00.

i. Given the required yield on the stock, what is the value of the preferred stock?

ii. Given the current price of the stock, what is the expected rate of return of the preferred stock?

iii. Would you purchase the preferred stock for $60.00 if your required rate of return was 7.5%? Explain.