Ransom Industries Inc,has Issued Preferred Stock That Pays $3

Ransom Industries Inc,has issued preferred stock that pays $3.00 dividends annually.If the market requires a 12.5% rate of return on the shares,what is the current price of the firm's preferred shares?

A) $21.33
B) $24.00
C) $41.67
D) There is not enough information to answer this question.