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The preferred stock of Sunshine Distribution, Ltd . will pay a dividend of $ 6 . 2 5 per share in the upcoming year and

The preferred stock of Sunshine Distribution, Ltd. will pay a dividend of $6.25 per share in the upcoming year and every year thereafter, that is, dividends are not expected to grow. If Sunshines market capitalization rate is 9.75%, what is the intrinsic value of the preferred stock? Enter your answer rounded to two decimal places.

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