What is current value of this preferred stock

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X-Tech Company issued preferred stock many years ago. It carries a fixed dividend of $9 per share. With the passage of time, yields have soared from the original 7 percent to 15 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.)

Reference no: EM131967864

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