A preferred stock pays an annual dividend of $$3\mathrm{.}50.$ If the return required by shareholders is $11\%$ and the company is expecting earnings growth of $4\%,$ then the price per share for this preferred stock is $.$

$$87\mathrm{.}50$

$$31\mathrm{.}82$

$$38\mathrm{.}89$

$$50\mathrm{.}00$