Item$24$

$10$points

Time Remaining $2$ hours $38$ minutes $6$ seconds

$02$:$38$:$06$

Item $24$

Time Remaining $2$ hours $38$ minutes $6$ seconds

$02$:$38$:$06$

E$-$Eyes.com has a new issue of preferred stock it calls $20/20$ preferred. The stock will pay a $$20$ dividend per year, but the first dividend will not be paid until $20$ years from today. If you require a return of $9$ percent on this stock, how much should you pay today?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$