Arctic Company showed the following balances for the previous year:

	January 1	December 1
Stockholders' equity:
Common stock, $5 par	$4,000,000	$4,000,000

In the previous year, Arctic Company paid $1,470,000 dividends to its common stockholders and the market price per share of common stock was $25. Calculate the dividend yield for Arctic Company. (Round your answer to two decimal places.)

a.7%

b.23%

c.6%

d.14%