British consols are perpetual bonds issued by the British government. They have no maturity and the British government has promised to make fixed, annual payments forever to whomever owns a consol. Suppose the market discount rate is 5.3 percent for consols.

Required:

What is the price (present value) of a consol that pays $290 annually if the next payment occurs one year from today? (Do not include the dollar sign ($). Round your answer to 2 decimal places. (e.g., 32.16))

Present value

$