The First Bank of Flagstaff has issued perpetual preferred stock with a $100 par value. The bank pays a quarterly dividend of $1.70 on this stock. What is the current price of this preferred stock...

The First Bank of Flagstaff has issued perpetual preferred stock with a $100 par value. The bank pays a quarterly dividend of $1.70 on this stock. What is the current price of this preferred stock given a required rate of return of 12.5 percent?

- Current Price $