X-tech Company issued preferred stock many years ago. It carries a fixes dividend of $12.00 per share. With the passage of time, yields have soared from the original 10 percent to 17 percent ( yield is the same as the required rate of return)

a) What was the original issue price?

b) What is the current value of this preferred stock

c) If the yield on the Standard & Pools preferred stock index declines, how will the price of the preferred stock be affected?