Fenway Athletic Club plans to offer its members preferred stock with a par value of

$200

and an annual dividend rate of

7%.

What price should these members be willing to pay for the returns they want?a.Theo wants a return of

9%.

b.Jonathan wants a return of

13%.

c.Josh wants a return of

16%.

d.Terry wants a return of

18%.

a.If Theo wants a return of

9%,

what price should he be willing to pay?

$nothing

(Round to the nearest cent.)