A preferred stock will pay a dividend of $3.82 annually. The rate of return you require for the stock is 11.1% What is the price of the preferred stock. Post your answer to the penny. $99.99 for example. Max industries is planning to invest in a number of projects during the next fiscal year. Given the substantial capital investment, the board of directors has assigned you with finding the break points in their capital structure so that in the future they calculate properly the cost of capital. The firm can borrow up to $31,144,416 in new debt before the interest rate increases; the firm can then borrow any amount at the higher rate. Taxes are 32.2% and total equity is 51% of the target capital structure. The firm does not use any preferred equity. In addition, there will be $15,950,903 in retained earnings available at the end of this fiscal year. Calculate the break point in the MCC schedule for Debt. Enter your answer in the box below, to the nearest penny