4. (10 points) Klondike Paper Campany has perpetual maturity preferred stock with par value of $100 per share. The preferred stock has a stated annul dividend of $12 per share pengble anmally, Investors in Klondike have a required rate of reture of 9% per year, and are fully ocefident that Klondike can pory the preferred dividend indefinitely. What is your estimsto of the currest value per shane of the preferred? (Show your calculations. Stale your answer as a dollar number rounded to the nearest cent - for example if your solution is 1.2345 write $1.23.)