The First Bank of Flagstaff has issued perpetual preferred stock with a $$100$ par value. The bank

pays a quarterly dividend of $$1\mathrm{.}65$ on this stock. What is the current price of this preferred stock

given a required rate of return of $12\mathrm{.}5$ percent?$($Round answer to $2$ decimal places, e$.$g$.15\mathrm{.}25.)$