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Express Surgery Center's ( ESC ) preferred stock, which has a par value equal to $ 2 2 0 per share, pays an annual dividend

Express Surgery Center's (ESC) preferred stock, which has a par value equal to $220 per share, pays an annual dividend equal to 7 percent of the par value. If
investors require a 10 percent return to purchase ESC's preferred stock, what is the stock's market value? Do not round intermediate calculations, Round your answe
to the nearest cent.
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