Preferred stock valuation TXS Manufacturing has an outstanding preferred stock issue with a par value of $$67$ per share. The preferred shares pay dividends annually at ate of $12\%.$

a$.$ What is the annual dividend on TXS preferred stock?

b$.$ If investors require a return of $5\%$ on this stock and the next dividend is payable one year from now, what is the price of TXS preferred stock?

a$.$ The annual dividend on TXS preferred stock is $$,.($Round to the nearest cent.$)$

b$.$ The price of TXS preferred stock is $$,($Round to the nearest cent.$)$