What is the value to the nearest cent of a share of 4.5% preferred stock?

Question

If the par value is $70/share and the required yield on such stock is 5.3%?

Answer 1

=coupon / discount rate = 70*.045/.053 = 59.433962264. This assumes annual coupon payments and that the 5.3% required yield is an annual effective yield. This price does not include any accruals.

Answer 2

$59.43