Furniture manufacturer Herman Miller, Inc., has just issued some new preferred stocks. The issue will pay a $7 annual dividend in perpetuity, beginning 5 years from now. If the market requires a 10%...

Furniture manufacturer Herman Miller, Inc., has just issued some new preferred stocks. The issue will pay a $7 annual dividend in perpetuity, beginning 5 years from now. If the market requires a 10% return on this investment, how much do preferred stocks cost today? (to the closest integer)