Alcott's preferred stock pays a dividend of $$1\mathrm{.}00$ per quarter. If the price of the stock is $$45\mathrm{.}00,$ what is its nominal annual rate of return?

$8\mathrm{.}45\%$

$8\mathrm{.}03\%$

$8\mathrm{.}89\%$

$8\mathrm{.}24\%$