Favored stock will pay a dividend this year of $3.06 per share. Its dividend yield is 9%. At what price is the stock selling? (Do not round intermediate calculations.)

Favored stock will pay a dividend this year of $3.06 per share. Its dividend yield is 9%. At what price is the stock selling? (Do not round intermediate calculations.)

Current price

$ 34

Explanation:

Dividend yield = dividend/price = DIV1/P0

0.09 = $3.06/P0P0 = $34