North Pole Cruise Lines issued preferred stock many years ago. It carries a fixed dividend of $$8$ per share. With the passage of time, yields have changed from the original $12$ percent to $9$ percent $($yield is the same as required rate of return$).$

a$.$ What was the original issue price?

Note: Do not round Intermedlate calculatlons. Round your answer to $2$ decimal places.

Original issue price

b$.$ What is the current value of this preferred stock?

Note: Do not round Intermedlate calculations. Round your answer to $2$ decimal places.

Current value

c$.$ If the yield on the Standard & Poor's Preferred Stock Index declines, how will the price of the preferred stock be affected?

The price of preferred stock will increase.

The price of preferred stock will decrease.