North Pole Cruise Lines issued preferred stock many years ago. It carries a fixed dividend of $10 per share. With the passage of time, yields have changed from the original 9 percent to 8 percent (yield is the same as required rate of return). What was the original issue price? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. What is the current value of this preferred stock? If the yield on the Standard & Poors Preferred Stock Index declines, how will the price of the preferred stock be affected?