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 $1,490,000 dividends to its common stockholders and the market price per share of common stock was $24. Calculate the dividend yield for Arctic Company. (Round your answer to two decimal places.)

a.8%

b.26%

c.7%

d.16%