Quick Publishing Ltd. has common and preferred stock outstanding.

The preferred stock pays an annual dividend of $8.50 per share, and the required rate of return for similar preferred stocks is 12%. The common stock paid a dividend of $5.00 per share last year, but the company expected that earnings and dividends will grow by 20% for the next three years before dropping to a constant 10% growth rate afterward. The required rate of return on similar common stocks is 15%.

Required: Determine the per-share value of the companys preferred and common stock.