Question: Problem 8-22 Valuing Preferred Stock [LO1 E-Eyes.com just Issued some new preferred stock. The Issue will pay an annual dividend of $11 in perpetulty, beginning

Problem 8-22 Valuing Preferred Stock [LO1 E-Eyes.com just Issued some new preferred stock. The Issue will pay an annual dividend of $11 in perpetulty, beginning 16 years from now. If the market requires a return of 41 percent on this Investment, how much does a share of preferred stock cost today? (Do not round Intermedlate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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