Big Manufacturer, Inc.’s perpetual preferred stock has an annual dividend of $7.50 per share and is selling in the market for $85.00 per share. If your required return on this preferred stock is 9.0%, what is the intrinsic value of this preferred stock?
Note: Enter your answer rounded off to the nearest cent. Do not enter $ or comma in the answer box. For example, if your answer is $12,300.456 then enter as 12300.46 in the answer box.