(Preferred stock valuation)Pioneer's preferred stock is selling for $3232 in the market and pays a

$2.902.90 annual dividend.

a.If the market's required yield is 1111 percent, what is the value of the stock for that investor?

b.Should the investor acquire the stock?

a.The value of the stock for that investor is

$nothing

per share.(Round to the nearest cent.)

b.Should the investor acquire the stock?(Select from the drop-down menus.)

The investor should not/should acquire the stock because it is currently underpriced/overpriced in the market.