Please answer the rate of return of preferred stock question and show how it was calculated.

Question 1 5 points Consider the following company, Book Value of Debt YTM Coupon Coupon Payments Years Corporate Tax Rate #of Preferred Shares Price of Preferred Share Dividend per Preferred Shares #of Common Shares Price of Common Share 8 of Common Stock Risk-Free Rate Market Return Enter your response below. 35.61 Correct response: 35.6110.03 milion Click "Verity" to proceed to the next part of the question. What is the market value of the debt? Enter your answer in terms of millions and rounded to 2 DECIMAL PLACES. Enter your response below. Number % $62 millon 10% 5% annually 20 22% 1.5 million $20 Click "verify" to proceed to the next part of the question. $1.2 5.5 million Section Attempt 1 of 1 Verify $19 0.8 What is the rate of return on the preferred stock? Enter you answer as a percentage and rounded to 2 DECIMAL PLACES. Do not include the percentage sign in your answers. 11%