Yankee Athletic Club has preferred stock with a par value of

Yankee Athletic Club has preferred stock with a par value of $80 and an annual 7% cumulative dividend. Given the following prices for the preferred stock, what is each investor seeking for his or her return? Alex is willing to pay $35. Derek is willing to pay $30. Marcia is willing to pay $20. Johnny is willing to pay $5. 9.pr a. If Alex is willing to pay $35 for the preferred stock, what rate of return is he seeking? :|% (Round to two decimal places)