Pied Piper Inc. has just issued some new preferred stock. The issue will pay an annual dividend of $… Show more Pied Piper Inc. has just issued some new preferred stock. The issue will pay an annual dividend of $10 in perpetuity, beginning five years from now. If the market requires a return of 8.4 percent on this investment, how much does a share of preferred stock cost today? Round to the nearest dollar. • Show less