A company issues 514,000 shares of preferred stock for $28 a share. The stock has a fixed annual dividend rate of 9% and a par value of $15 per share. The current price of the preferred stock is $30 a share. If sufficient dividends are declared, preferred stockholders can anticipate receiving annual dividends of:

a) $2.52 per share.

b) $2.70 per share.

c) $1.17 per share.

d) $1.35 per share.