Lannister, Inc. has an outstanding preferred stock issue with a par value of $90 per share. The preferred shares pay dividends annually at a rate of 5%, and the dividends of the preferred shares are cumulative. Lannister, Inc. has not paid dividends on its preferred shares in the last 4 years. Financial Analysts expect that the company will start paying dividends, including the passed dividends, one year from now. If the required rate of return is 8%, what is the value of Lannister, Inc.'s preferred stock?