$($Preferred stock valuation$)$ What is the value of a preferred stock where the dividend rate is $18$ percent on a $$100$ par value, and the market's required yield on

similar shares is $11$ percent?

The value of the preferred stock is $ per share. $($Round to the nearest cent.$)($Related to Checkpoint $10\mathrm{.}3)($Preferred stock valuation$)$ Calculate the value of a preferred stock that pays a dividend of $$3\mathrm{.}00$ per share when the market's

required yield on similar shares is $9$ percent.

The value of the preferred stock is $ per share. $($Round to the nearest cent.$)$