The preferred stock of Dallas Platinum Exchange has a par value of $$34$ and pays a $7\%$

dividend rate per year. You calculated a beta of $1\mathrm{.}41$ for the stock. The risk$-$free rate is

$2\mathrm{.}78\%$ 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