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Peachytown Bank just issued some new preferred stock. The issue will pay a $22 annual dividend in perpetuity, beginning 20 years from now. If the

Peachytown Bank just issued some new preferred stock. The issue will pay a $22 annual dividend in perpetuity, beginning 20 years from now. If the market requires a 6.0% return on this investment, how much does a share of preferred stock cost today? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)

Stock price $ ___

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