Question $3$

$1pts$

The preferred stock of Dallas Platinum Exchange has a par value of $$58$ and pays a $9\%$ dividend rate per year. You calculated a beta of $1\mathrm{.}42$ for the stock. The risk$-$free rate is $2\mathrm{.}21\%$ and the market return is $9\mathrm{.}2\%.$ Assuming that CAPM holds, what is the intrinsic value of this preferred stock? DO NOT ENTER THE $ SIGN. ALSO, ENTER YOUR ANSWER AS A POSITIVE NUMBER. SET YOUR CALCULATOR TO $4$ DECIMAL PLACES AND ROUND TO TWO DECIMAL PLACES AT THE END, i$.$e$.$ IF YOUR ANSWER IS $33\mathrm{.}4348$ ENTER IT AS $33\mathrm{.}48$ ONLY