1. Pioneer's preferred stock is selling for $ 32 in the market and pays a $ 4.10 annual dividend. a. If the market's required yield is 14 percent, what is the value of the stock for that investor? b. Should the investor acquire the stock?

2. Calculate the value of a preferred stock that pays a dividend of $7.00 per share when the market's required yield on similar shares is 13 percent. The value of the preferred stock is $ per share. (Round to the nearest cent.)