Michael's Inc. 8% preferred stock is currently priced at $152.82. If Michaels wishes to sell some new preferred stock at par, what rate should they assign to the new shares? The stock has a notional face value of $100. Note: assume that the required rate of return on the new preferred stock will be the same as that on the existing preferred stock. Select one: o O O 0 O a. 5.23% b. 8.00% c. 19.10% d. Insufficient information e. $100