Molen Inc: Given required rate of return, at what price should the stock sell?

Molen Inc. has an outstanding issue of perpetual preferred stock with an annual dividend of $7.50 per share. If the required return on this preferred stock is 6.5%, at what price should the stock sell?

a. $104.27
b. $106.95
c. $109.69
d. $112.50
e. $115.38