Scotia Bank has just issued some new preferred stock. The issue will pay a $16 annual dividend in perpetuity, beginning 6 years from now. If the market requires an 8 percent return on this investment,...

Scotia Bank has just issued some new preferred stock. The issue will pay a $16 annual dividend in perpetuity, beginning 6 years from now. If the market requires an 8 percent return on this investment, how much does a share of preferred stock cost today?