Amtek Corporations has issued both preferred shares and common shares. The preferred share has a cumulative preferred dividend of $2 per share and the company has paid all previous preferred dividends. Today is the day where the company is supposed to pay the preferred dividend. However, due to the bad economic condition over the past year, the company decided not to pay any dividends for this year. The company expected the economy to improve and intend to pay the common dividend next year. The preferred share has a required return of 16 percent. What is the value of the preferred share today?