North Pole Cruise Lines 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 9 percent to 7 percent...

North Pole Cruise Lines 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 9 percent to 7 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.)