.ull 46%)116:24 PM 18 1000 points Problem 10-24 Preferred stock value LO10-4] North Pole Cruise Lines issued preferred stock many years ago. It carries a fixed dividend of $12 per share. With the passage of time, yields have soared from the original 9 percent to 7 percent (yield is the same as required rate of return) a. 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 Preferred Stock Index declines, how will the price of the preferred stock be affected? References eBook & Recources