Preferred Stock Valuation

Several years ago, Rolen Riders issued preferred stock with a stated annual dividend of $10\%$ of its $$100$ par value. Preferred stock of this type currently yields

$8\%.$ Assume dividends are paid annually.

a$.$ What is the estimated value of Rolen's preferred stock? Round your answer to the nearest cent.

$

stock? Round your answer to the nearest cent.

$

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