The Webb Company issued $100 par preferred stock with a dividend rate of 8.5%. Each share is automatically converted into two common shares at the end of three years. The common shares of the Webb Company currently trade at $50 per share and this period’s common share dividend is $1.85. If investors require a return of 12% on shares of similar risk, what is the value of a share of Webb preferred stock? Assume that dividends are paid at the end of each year.