Straight preferred shares issued by a firm have a discount rate of $12$ percent per year, whereas these shares are yielding $3$ percent on

the $$30$ par value. The conversion value of these shares is calculated to be $$20.$ Determine the straight preferred value $($SPV$)$ and the

floor value for the convertible preferred shares. Assume the shares have no maturity and can therefore be valued as a perpetuity.

$($Round "Straight preferred value" answer to $2$ decimal places, e$.$g$.25\mathrm{.}25$ and other answer to $0$ decimal places., e$.$g$.14.)$

Straight preferred value $=$

Floor value $=$