Jones Design wishes to estimate the value of its outstanding preferred stock. The preferred issue has a par value of exist70 end pays an annual dividend of exist4.60 per share. Similar-risk preferred stocks are currently earning an annual rate of return of 7.8%. a. What is the market value of the outstanding preferred stock? b. If an investor purchased the preferred stock at the value calculated in part a, how much does she gain or lose per share if she sells the stock when the required return on similar-risk preferred stocks has risen to 9.0%? a. The market value of the outstanding preferred stock is exist per share. (Round to the nearest cent.) b. If the required return on similar-risk preferred stocks has risen to 9.0%, the value of the stock be exist per share. (Round to the nearest cent.) If an investor purchased the preferred stock at the value calculated in part a and sells the stock when the required return on similar-risk preferred stocks has risen to 9.0%, the gain or lose is exist per share. (Round to the nearest cent. Enter a positive number for a gain and a negative number for a loss.)