Problem $14-02$

What should be the prices of the following preferred stocks if comparable securities yield $8$ percent? Use Appendix B and Appendix D to answer the questions. Round your answers to the nearest cent.

MN$,$ Inc., $$5$ preferred $($$$120$ par$)$

$ $62\mathrm{.}50$

CH$,$ Inc., $$5$ preferred $($$$120$ par$)$ with mandatory retirement after $16$ years

$