In 2022, Tong Corp. issued a $50 par value preferred stock that pays a 6 percent annual dividend. Due to changes in the overall economy and in the company's financial condition investors are now requiring a 7 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. 42.85

b. 54.23

c. 55.89

d. 24.56

e. 39.85