In 2022, Mt Gravatt Corp. issued a $80 par value preferred stock that pays a 5 percent annual dividend. Due to changes in the overall economy and in the company's financial condition investors are now requiring a 10 percent return. What price would you be willing to pay for a share of the preferred if you receive your first dividend one year from now?

Group of answer choices

a.$31.54

b.$38.37

c.$52.44

d.$44.44

e.$40