E-Eyes.com has a new issue of preferred stock it calls 20/20 preferred. The stock will pay a $20 dividend per year, but the first dividend will not be paid until 20 years from today.
Required: If you require a 9.25 percent return on this stock, how much should you pay today? (Do not include the dollar sign ($). Round your answer to 2 decimal places (e.g., 32.16).)
Current Stock Price = $