Peter raises funds for his company by selling preferred stock. The preferred stock has a face value of $ 100 with a dividend rate of 6%. The stock sells for $ 80 on the market. To sell his company's preferred stock, Peter hired the services of Grand Investment Bankers (GIB). GIB charges a fee of 3% on sale of preferred stock. What is the price of the preferred stock of Peter's company that uses the services of an investment banker?