Question: Express Surgery Center's ( ESC ) preferred stock, which has a par value equal to $ 1 6 0 per share, pays an annual dividend

Express Surgery Center's

(

ESC

)

preferred stock, which has a par value equal to $

160

per share, pays an annual dividend equal to

10

percent of the par value. If investors require a

14

percent return to purchase ESC's preferred stock, what is the stock's market value? Do not round intermediate calculations. Round your answer to the nearest cent.

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