HW 9, Q8

Please help me solve this. I only have 1 attempt and after that is it not possible to get full points, so please double check the answers before you post them. Thank you in advance!

8. Problem 9.09 (Preferred Stock Returns) eBook Arondale Aeronautics has perpetual preferred stock outstanding with a par value of $100. The stock pays a quarterly dividend of $1.00, and its current price is $84. a. What is its nominal annual rate of return? Do not round intermediate calculations. Round your answer to two decimal places. b. What is its effective annual rate of return? Do not round intermediate calculations. Round your answer to two decimal places. %