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Barnes Air Conditioning Incorporated has two classes of preferred stock: floating rate preferred stock and straight ( normal ) preferred stock. Both issues have a

Barnes Air Conditioning Incorporated has two classes of preferred stock: floating rate preferred stock and straight (normal) preferred stock. Both issues have a par value of $100. The floating rate preferred stock pays an annual dividend yield of 6 percent, and the straight preferred stock pays 7 percent. Since the issuance of the two securities, interest rates have gone up by 1.50 percent for each issue. Both securities will pay their year-end dividend today.
What is the price of the floating rate preferred stock most likely to be?
Note: Do not round intermediate calculations and round your answer to 2 decimal places.
What is the price of the straight preferred stock likely to be?
Note: Do not round intermediate calculations and round your answer to 2 decimal places.

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