Sandys company bond yield 8.32% in 10 years and sell for 978.50. Policy is to use a risk premium of 8 percentage points when using the bond yeild plus risk premium method to find Rs. Sandy could sell at par, 100$ preferred stock, which pays a 12 percent of par annual dividend, but flotation costs will be 5% What is sandys retained earnings using the bond yield plus risk premium approach?