Question 24 (4 points) Farmex Inc. has preferred stock outstanding that is paying a dividend of $5.35 per share (per year). Investors expect Farmex to have no problem in paying these dividends each year. If investors have a required return of 7.8% for preferred stock of this risk level, what should be the value (or price) of the stock? [Enter your answer showing 2 decimal places. Do not enter a dollar sign. For example: 15.43] Your