Problem 10-24 Preferred stock value (LO10-4) North Pole Cruise Lines issued preferred stock many years ago. It carries a fixed dividend of $10 per share. With the passage of time, yields have changed from the original 8 percent to 7 percent (yield is the same as required rate of return). a. What was the original issue price? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Original issue price b. What is the current value of this preferred stock? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Current value c. If the yield on the Standard & Poor's Preferred Stock Index declines, how will the price of the preferred stock be affected? The price of preferred stock will increase The price of preferred stock will decrease