![](https://cos-cdn.shuashuati.com/pipixue-wap/2020-1230-1107-56/ti_inject-812ce.png)
In 2018, Montpelier Inc. issued a $100 par value preferred stock that pays a 9 percent annual dividend. Due to changes in the overall economy and in the company's financial condition investors are now requiring a 10 percent return. What price would you be willing to pay for a share of the preferred if you receive your first dividend one year from now?