Dartmouth Subsidiaries has two preferred shares issued and outstanding.Series A is a perpetual preferred share that has a par value of $35.00 that pays an annual dividend of $3.15.The company's series D preferred shares mature in 8 years and pay a 7 percent annual dividend and have a par value of $75.00.

a.You observe that the company's series A preferred shares are selling for $33.00 in the market today.Calculate the market rate of return for the company's series A preferred shares.Show your work! (3 marks)

b.The company's series D preferred shares have the same risk as the series A preferred shares and will; therefore, have the same required rate of return.Calculate the current market price of the series D preferred shares.Show your work! (4 marks)