roblem 10-24 Preferred stock value [LO10-4] orth Pole Cruise Lines issued preferred stock many years ago. It carries a fixed dividend of $11 per share. With the passage of time. ields have changed from the original 12 percent to 8 percent (yield is the same as required rate of return). What was the original issue price? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. What is the current value of this preferred stock? (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. If the yield on the Standard \& Poor's Preferted Stock Index declines, how will the price of the preferted stock be affected? The price of preferred stock will increase. The price of preferred stock will decrease