Wernam Hogg Class A preferred shares have a par value of $100 and offer an annual dividend at 0.8% of par value. Wernham Hogg is experiencing cash flow problems due to poor market conditions in the commercial paper business. The company has suspended dividends on the Class A preferred shares. Analysts do not expect the dividends to resume for another 3 years, at which point they are expected to resume in perpetuity.

If investors require a return of 2.25%, then what is the fair price for the preferred shares today?