At the beginning of 2014, Emily Corporation issued 10,000 shares of $100 par, 5%, cumulative, preferred stock for $110 per share. No dividends have been paid to preferred or common shareholders. What amount of dividends will a preferred shareholder owning 100 shares receive in 2016 if Emily pays $1,000,000 in dividends?

$500.

$1,500.

$1,650.

$10,000.