#6 (b)- Suppose Series F, with a $100 Par Value and a 9.75 % cumulative dividend, has a mandatory sinking fund provision. 60,000 of the 300,000 total shares outstanding must be redeemed annually at par beginning at the end of 1993. If the nominal required rate of return is 8 %, what is the current (January 1, 1993) value per share