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What is the price of the straight preferred stock

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Reference no: EM132793511

Question - Barnes Air Conditioning Inc. has two classes of preferred stock: floating rate preferred stock and straight (normal) preferred stock. Both issues have a par value of $100. The floating rate preferred stock pays an annual dividend yield of 7 percent, and the straight preferred stock pays 8 percent. Since the issuance of the two securities, interest rates have gone up by 1.80 percent for each issue. Both securities will pay their year-end dividend today.

Required -

a. What is the price of the floating rate preferred stock most likely to be?

b. What is the price of the straight preferred stock likely to be?

Reference no: EM132793511

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