An issue of preferred stock is paying an annual dividend of $$4\mathrm{.}00.$ The growth rate for the firm's common stock is $7\%.$ What is the preferred stock price if the required rate of return is $7\%?($Round your answer to $2$ decimal places.$)$

Multiple Choice

$$62\mathrm{.}14$

$$54\mathrm{.}64$

$$57\mathrm{.}14$

$$59\mathrm{.}64$