In 2011, an American company issued a $100 par value preferred stock that pays an 8 percent annual dividend. Due to changes in the overall economy and the company's financial condition investors are now requiring a 15 percent return. What price would an investor be willing to pay for a share of the preferred if the first dividend is to be received one year from now?

(a) $100.00

(b) $53.33

(c) $86.95

(d) $92.59