Fenway Athletic Club plans to offer its members preferred stock with a par value of $200 and an annual dividend rate of 6%. What price should these members be willing to pay for the returns they want? a. Theo wants a return of 8%. b. Jonathan wants a return of 12%. c. Josh wants a return of 14%. d. Terry wants a return of 18%. a. If Theo wants a return of 8%, what price should he be willing to pay? (Round to the nearest cent.)

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