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North Pole Cruise Lines issued preferred stock many years ago.It carries a fixed dividend of...

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Accounting

North Pole Cruise Lines issued preferred stock many years ago.It carries a fixed

dividend of $6 per share. With the passage of time, yields havesoared from the

original 6 percent to 14 percent (yield is the same as requiredrate of return).

a. What was the original issue price?

b. What is the current value of this preferredstock?

c. If the yield on the Standard & Poor

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