EFG Corp. has issued preferred stocks and the EFG Corp.s preferred stock contract mentions to pay an annual preferred stock dividend of $1.47 per share every year. Assume that you expect to earn 8.09% annual required rate of return on the EFG Corp.s preferred stock.

What is the intrinsic value of EFG Corps preferred stock?

Please round your answer to the second decimal without dollar sign. For example, 1.12