Question: Express Surgery Center's preferred stock, which has a par value equal to $250 per share, pays an annual dividend equal to 9 percent of the

Express Surgery Center's preferred stock, which has a par value equal to $250 per share, pays an annual dividend equal to 9 percent of the par value. If vestors require a 13 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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