A C corporation earns $5.90 per share before taxes. The corporate tax rate is 35%, the personal tax rate on dividends is 20%, and the personal tax rate on non-dividend income is 39%. What is the total amount of taxes paid if the company pays a $2.00 dividend?

A. $2.47

B. $1.97

C. $2.96

D. $3.45

Please don't use excel and go step by step.