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

Express Surgery Center's

(

ESC

)

preferred stock, which has a par value equal to $

110

per share, pays an annual dividend equal to

7

percent of the par value. If investors require an

11

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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