(Related to Checkpoint 10.3) (Preferred stock valuation) Calculate the value of a preferred stock that pays a dividend of $6.00 per share when the market's required yield on similar shares is 13...

Extracted text: (Related to Checkpoint 10.3) (Preferred stock valuation) Calculate the value of a preferred stock that pays a dividend of $6.00 per share when the market's required yield on similar shares is 13 percent. ..... The value of the preferred stock is $ per share. (Round to the nearest cent.)