$($Preferred stock valuation$)$ Pioneer's preferred stock is selling for $$38$ in the market and pays a $$3\mathrm{.}40$ annual dividend.

a$.$ If the market's required yield is $11$ percent, what is the value of the stock for that investor?

b$.$ Should the investor acquire the stock?

a$.$ The value of the stock for that investor is $ per share. $($Round to the nearest cent.$)$