Earley Corporation issued perpetual preferred stock with a 12% annual dividend. The stock currently yields 8%, and its par value is $100. Round your answers to the nearest cent. a. What is the stock's value? b. Suppose interest rates rise and pull the preferred stock's yield up to 10%. What is its new market value? Arondale Aeronautics has perpetual preferred stock outstanding with a par value of $100. The stock pays a quarterly dividend of $3.00, and its current price is $123 a. What is its nominal annual rate of return? Do not round intermediate calculations. Round your answer to two decimal places. b. What is its effective annual rate of return? Do not round Intermediate calculations. Round your answer to two decimal places