Jones Design wishes to estimate the value of its outstanding preferred stock. The preferred issue has a par value of $70and pays an annual dividend of $5.40per share. Similar-risk preferred stocks are currently earning an annual rate of return of 10.6%.

The market value of the outstanding preferred stock is $??? per share.(Round to the nearest cent.)

If the required return on similar-risk preferred stocks has risen to 12.5%, the value of the stock will be $??? 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 12.5%, the gain or loss is $??? per share.(Round to the nearest cent. Enter a positive number for a gain and a negative number for a loss.)