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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

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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 11 percent to 9 percent (yleld is the same as required rate of return). a. What was the original issue price? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Original issue price b. What is the current value of this preferred stock? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Current value

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