A company has an issue of 3.3 percent, $93 par value, perpetual, non- convertible, non-callable preferred shares outstanding. The required rate of return on similar issues is 5.1 percent. The value of a preferred share equals to $ (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO TWO DECIMAL PLACES, AND NO SEPARATOR FOR THOUSANDS.)