B.C. Fisheries Ltd. has convertible preferred shares outstanding currently trading at $31.00. The preferreds pay an annual dividend of $2.00 and have a redeemable feature effective in two years. It is rated pfd-2, and competitive nonconvertible preferreds of the same risk class carry an 8 percent return. The conversion ratio is 1.25. The common stock is selling for $24.00 per share on the TSX Venture Exchange and pays an annual dividend of $0.60.

a. What is the conversion value of the preferreds?

Conversion value $

b. What is the dividend yield on the preferreds? (Do not round the intermediate calculations. Round the final answer to 1 decimal place.)

Dividend yield on the preferred %

c. What is the dividend yield on the common shares? (Do not round the intermediate calculations. Round the final answer to 1 decimal place.)

Dividend yield on the common shares %