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A company issues 511,000 shares of preferred stock for $31 a share. The stock has a fixed annual dividend rate of 6% and a par

A company issues 511,000 shares of preferred stock for $31 a share. The stock has a fixed annual dividend rate of 6% and a par value of $18 per share. The current price of the preferred stock is $33 a share. If sufficient dividends are declared, preferred stockholders can anticipate receiving annual dividends of:

a) $1.98 per share.

b) $1.86 per share.

c) $1.08 per share.

d) $0.78 per share.

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