E$-$yes$.$com has a new issue of preferred stock it calls $\frac{20}{20}$ preferred. The stock will pay a $$20$ dividend per year, but the first dividend will not be paid until $20$ years from today. If you require a return of $7\mathrm{.}5$ percent on this stock, how much should you pay today?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

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