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Earley Corporation issued perpetual preferred stock with a 12% annual dividend. The stock currently yields 9%, and its par value is $100. Round your answers

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Earley Corporation issued perpetual preferred stock with a 12% annual dividend. The stock currently yields 9%, and its par value is $100. Round your answers to the nearest cent. a. What is the stock's value? 5 b. Suppose interest rates rise and pull the preferred stock's yield up to 13%. What is its new market value? 5

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