You are the CFO of a firm and have decided to issue an unusual preferred stock. It will have a par value of $50, a maturity of 10 years, and an annual dividend yield of 4%. However, because you anticipate needing to reinvest all sources of capital for the next two years, the first dividend will not be paid until three years from today. If investors use a discount rate of 10% to value the preferred stock, what should be its price today?