Blossom Insurance Ltd. issued a fixed-rate perpetual preferred stock three years ago and placed it privately with institutional investors. The stock was issued at $26 per share with a $1.77 dividend....

Blossom Insurance Ltd. issued a fixed-rate perpetual preferred stock three years ago and placed it privately with institutional investors. The stock was issued at $26 per share with a $1.77 dividend. If the company were to issue preferred stock today, the yield would be 6.4 percent. The stock’s current value is: