Molen Inc. has an outstanding issue of perpetual preferred stock with an annual dividend of $$2\mathrm{.}20$ per share. If the required return on this preferred stock is $7\mathrm{.}0\%,$ then at what price should the stock sell?

a$.$ $$31\mathrm{.}43$

b$.$ $$35\mathrm{.}51$

c$.$ $$27\mathrm{.}03$

d$.$ $$29\mathrm{.}37$

e$.$ $$33\mathrm{.}63$