X-Tech Company issued preferred stock many years ago. It carries a fixed dividend of $8 per share. With the passage of time, yields have changed from the original 5 percent to 11 percent (yield is the same as required rate of return). a. What was the original issue price? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. What is the current value of this preferred stock? Note: 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? The price of preferred stock will increase. The price of preferred stock will decrease