Question: Chapter 7 - Q3: Please answer the Finance question in the image below. Please note any decimal or rounding instructions! Thank you in advance! Achi

Chapter 7 - Q3: Please answer the Finance question in the image below. Please note any decimal or rounding instructions! Thank you in advance!

Achi Corp. has preferred stock with an annual dividend of $3.04. If the required return on Achi's preferred stock is 8.4%, what is its price? (Hint: For a preferred stock, the dividend growth rate is zero.) Achi's stock price will be $ (Round to the nearest cent.)

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