eBook Earley Corporation issued perpetual preferred stock with a 10% annual dividend. The stock currently yields 6%, and its par value is $100. Round your answers to the nearest cent. a. What is the...

Extracted text: eBook Earley Corporation issued perpetual preferred stock with a 10% annual dividend. The stock currently yields 6%, and its par value is $100. Round your answers to the nearest cent. a. What is the stock's value? b. Suppose interest rates rise and pull the preferred stock's yield up to 15%. What is its new market value? $