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Problem $12-1$ Stock Price

Suppose that a newly$-$issued preferred stock will have an annual dividend of $$3\mathrm{.}90$ and a dividend yield of $8$ percent.

Dividend $$3\mathrm{.}90$

Discount rate $8\%$

What will be the price of each share?

The price of each share will be $

$.$ Round your answer to the nearest two decimal places.