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You are considering buying a share of preferred stock which you plan to hold for 4 years, then sell. It has a 1 5 .

You are considering buying a share of preferred stock which you plan to hold for 4 years, then sell. It has a 15.57% annual dividend, $12.60 par value and you require 9.03% return at the present moment. At the time you sell, the required return is in the market is expected to be 7.97%. What is the maximum price you should pay for a share of this preferred stock right now?
Enter your answer as a number with four decimal places and without the currency symbol. For example, if your answer is $90.1234, enter 90.1234

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