Preferred Stock Valuation Several years ago, Rolen Riders issued preferred stock with a stated annual dividend of 11% of its 5100 par value. Preferred stock of this type currently yields 3%. Assume dividends are paid annually. a. What is the estimated value of Rolen's preferred stock? Round your answer to the nearest cent. $ b. Suppose interest rate levels have risen to the point where the preferred stock now yields 12%. What would be the new estimated value of Rolen's preferred stock? Round your answer to the nearest cent. $