Pharoah Hand Trucks has a preferred share issue outstanding that pays a dividend of $1.30 per year. The current cost of preferred equity for Pharoah is 10.00 percent. If Pharoah issues additional preferred shares that pay exactly the same dividend and the investment banker retains 6.70 percent of the sale price. Problem 13.31 a1-a2 (Solution Video)(a1) What is the price of preferred shares before the new issues? (Round final answer to 2 decimal places, e.g. 15.25%.) Current price of preferred shares $