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A preferred stock will have an annual dividend next period of $2.09 that will be paid each year in perpetuity. The discount rate is 9.2%.

A preferred stock will have an annual dividend next period of $2.09 that will be paid each year in perpetuity. The discount rate is 9.2%. What is the current price of the stock?

Enter your response below rounded to 2 DECIMAL PLACES.

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