(Preferred stock valuation) You own 200 shares of Somner Resources' preferred stock, which currently sells for $40 per share and pays annual dividends of $3.40 per share. If the market's required...

You own

shares of Somner​ Resources' preferred​ stock, which currently sells for

per share and pays annual dividends of

per share. If the​ market's required yield on similar shares is

​percent, should you sell your shares or buy​ more?

Extracted text: (Preferred stock valuation) You own 200 shares of Somner Resources' preferred stock, which currently sells for $40 per share and pays annual dividends of $3.40 per share. If the market's required yield on similar shares is 10 percent, should you sell your shares or buy more? a. The value of the stock to you is $ per share. (Round to the nearest cent.)