Problem $8-6$ Value of a Preferred Stock $($LG$8-5)$

A preferred stock from Duquesne Light Company $($DQUPRA$)$ pays $$3\mathrm{.}10$ in annual dividends.

If the required return on the preferred stock is $6\mathrm{.}00$ percent, what's the value of the stock?

Note: Round your answer to $2$ decimal places.

Value of stock