Fenway Athletic Club plans to offer its members preferred stock with a par value of $100 and an annual dividend rate of 5%. What price should these members be willin to pay for the retums they want? a. Theo wants a return of 8%. b. Jonathan wants a return of 12%. c. Josh wants a return of 14%. d. Terry wants a return of 18% a. If Theo wants a return of 8%, what price should he be willing to pay? (Round to the nearest cent.)