Question: Carby Hardware has an outstanding issue of perpetual preferred stock with an annual dividend of $3.73 per share. If the required return on this preferred stock is 7.04%, at what price should the preferred stock sell? Submit your answer as a price to two decimal places (Ex. $0.00) The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.