Jennifer was just recommended by her investment advisor to include a Canadian

preferred stock into her portfolio. However, she has no idea what preferred stock is. Could you share some finance knowledge with her by presenting the characteristics of a preferred stock to her?

The recommended preferred stock is currently paying a quarterly dividend of $2 per share, and this dividend payout is expected to be reliable permanently. If Jennifer is asking a required rate of return of 10% in any investment, what will be the fair price that she should pay to purchase this preferred stock?