At the end of its first year of operations, Mendes Inc. had 75,000 shares of preferred stock, 5% cumulative, $100 par value. It also has 500,000 shares of common stock $0.01 par value. (The share information represents the numbers of shares issued and outstanding for both types of stock.) If sufficient dividends are declared, what is the per share dividend that will be paid on the preferred stock?

A. $3,750

B. $380,000

C. $375,000

D. $5,000