Question $9$

$10pts$

Early Corporation issued perpetual preferred stock with a dividend rate of $10\mathrm{.}08\%.$ on a par value of $$91.$ The stock currently yields $9\mathrm{.}77\%.$ What is the stock's current market value? State your answer to $2$ decimal places. Do not include the $ symbol.

Question $10$

$10pts$

Maxwell Mining Company's ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the company's earnings and dividends are declining at the constant rate of $3\mathrm{.}16\%$ per year. if Maxwell's most recent dividend $(D_0)$ is $$3\mathrm{.}37,$ and its cost of capital is $17\mathrm{.}01\%,$ what is the value of Maxwell Mining's stock? State your answer to $2$ decimal places. Do not include the $ symbol.