Needing to raise more capital, youbadvised the board to issue more share of perferred stock. The dividend $4.70 every year, not increasing, in perpetuity. Your investors require a rate of return of 5.88%.

a. What is the current price? (Do not round Intermediate calculations and enter your answer as a dollar amount rounded to 2 decimal places, e.g., 12.34.) a. Current price b. What formula did you use to solve this problem in parta? (Write the number of the formula from your formula sheet) b. Formula number O Dy-Annual Dividend 094 = New Puce-old puce diet +Benchene conto x EPS + Price old Price huice, Benchmark Vs uatro x Sharesshareg OPEL (1 +R)= (1+)El th) DP R =D+ Pt = D(t+1) cy - Annual coupon EPSE TR-9) R= Deel 9 O PE - Price/shore EPS, - DEB -C[e) - Copa EPS : EARNING CLEVENUE -C087) ( NEW Peilt-OLD PRICE CYG Price PE EPS DPRO NUMBER OF SHARES OUTSTANDING BOY PRICE