Questions Problem 9.09 (Preferred Stock Returns) Question 7 of 11 Check My Work eBook ooo Arorale Aeronautics has perpetual preferred stock outstanding with a par value of $100. The stock pays a quarterly dividend of $1.00, and its current price is $99. a. What is its nominal annual rate of return? Do not round intermediate calculations. Round your answer to two decimal places. 11. o b. What is its effective annual rate of return? Do not round intermediate calculations. Round your answer to two decimal places