Question: Express Surgery Center's (ESC) preferred stock, which has a par value equal to $290 per share, pays an annual dividend equal to 7 percent of

Express Surgery Center's (ESC) preferred stock, which has a par value equal to $290 per share, pays an annual dividend equal to 7 percent of the par value. If investors require a 10 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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