Question: Incorrect answer. Your answer is incorrect. Try again. The First Bank of Flagstaff has issued perpetual preferred stock with a $100 par value. The bank

Incorrect answer. Your answer is incorrect. Try again. The First Bank of Flagstaff has issued perpetual preferred stock with a $100 par value. The bank pays a quarterly dividend of $1.65 on this stock. What is the current price of this preferred stock given a required rate of return of 16.00 percent? (Round answer to 2 decimal places, e.g. 15.25.) Current price $Entry field with incorrect answer now contains modified data

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