XYZ Corp. has an issue of preferred stock outstanding that pays a dividend of $5.30 per year in perpetuity. The required rate of return on this stock is 7.1%. What would be the implied price per share? Round to 3 decimals.

Now suppose XYZ Corp. just reported earnings of $3.5 million. It plans to retain 30% of its earnings, and payout the rest in the form of a dividend. The historical ROE for XYZ Corp. is 8%, a figure that is expected to continue for the foreseeable future. What would be the projected earnings one year from today? Round to 2 decimals.