Retractable Preferred Shares Problem - Reading 50 Example 5 CFAI

I seem to be getting a different result from the book when calculating intrinsic value of preferred shares. The problem: The book solution is 12.71, but using my financial calculator is as follows:

CF0 = 0

CF1 = 0.3125

F1 = 34

CF2 = 25

F1 = 1

CPT - NPV - I = 3.875 = result of 12.4581.

The problem itself is

dividends of 0.3125 quarterly, retractable (sold back to firm) at $25 dollars (par) in 34 quarters from valuation date. Required return is 15.5% (3.875 quarterly)

What am I doing incorrectly?

Actually you are missing a timeline problem, when you say that the dividend is paid for 34 quarters and repurchased at the next one for 25, you are saying that purchase of 25 is happening in the 35th quarter, so you need to step back one quarter and include the last dividend with the repurchase:

CFo = 0

CF1 = 0.3125

F1 = 33

CF2 = 25.3125

F2 = 1

CPT NPV I = 3.875

NPV = 12.71