Ransom Industries Inc, has issued preferred stock that pays $$3\mathrm{.}00$ dividends annually. If the market requires a $12\mathrm{.}5\%$ rate of return on the shares, what is the current price of the firm's preferred shares?

Question $5$Select one:

a$.$

$$21\mathrm{.}33$

b$.$

$$24\mathrm{.}00$

c$.$

$$41\mathrm{.}67$

d$.$

There is not enough information to answer this question.