A company issues 518,000 shares of preferred stock for $32 a share. The stock has a fixed annual dividend rate of 8% and a par value of $11 per share. The current price of the preferred stock is $34 a share. If sufficient dividends are declared, preferred stockholders can anticipate receiving annual dividends of:

$2.56 per share.

$2.72 per share.

$1.68 per share.

$0.88 per share.