A preferred stock from Hecla Mining Company $($HLPRB$)$ pays $$3\mathrm{.}60$ in annual dividends. If the required rate of return on the preferred stock is $8\mathrm{.}4$ percent, what is the fair present value of the stock? $($Round your answer to $2$ decimal places. $($e$.$g$.,32\mathrm{.}16))$

Fair present value