Problem $8-22$ Valuing Preferred Stock $[$LO$1]$

E$-$Eyes.com just issued some new $\frac{20}{20}$ preferred stock. The issue will pay an annual dividend of $$10$ in perpetuity, beginning $15$ years from now. If the market requires a return of $4$ percent on this investment, how much does a share of preferred stock cost today? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Answer is complete but not entirely correct.

$\backslash$table$[[$Stock pric$,$$$,138\mathrm{.}82$