Problem 9.15

The First Bank of Flagstaff has issued perpetual preferred stock with a $100 par value. The bank pays a quarterly dividend of $1.90 on this stock. What is the current price of this preferred stock given a required rate of return of 8.0 percent?(Round answer to 2 decimal places, e.g. 15.25.)

Current price$

enter the current price of the preferred stock rounded to 2 decimal places