Problem 9.08 (Preferred Stock Valuation) Question 14 of 20 Check My Work (3 remaining) eBook Earley Corporation issued perpetual preferred stock with an 8% annual dividend. The stock currently yields 6%, and its par value is $100. Round your answers to the nearest cent. a. What is the stock's value? b. Suppose interest rates rise and pull the preferred stock's yield up to 12%. What is its new market value