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Earley Corporation issued perpetual preferred stock with an 11% annual dividend. The stock currently yields 9%, and its par value is $100. Round your answers

Earley Corporation issued perpetual preferred stock with an 11% annual dividend. The stock currently yields 9%, and its par value is $100. Round your answers to the nearest cent.

What is the stock's value?
$
Suppose interest rates rise and pull the preferred stock's yield up to 13%. What is its new market value?
$

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