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 14%.

d.Terry wants a return of 18%.

,what price should he be willing to pay?

(Round to the nearest cent.)