Carter's preferred stock pays a dividend of $$0\mathrm{.}90$ per quarter. If the price of the stock is $$50\mathrm{.}00,$ what is its nominal $($not

effective$)$ annual rate of return?

a$.7\mathrm{.}40\%$

b$.6\mathrm{.}80\%$

c$.7\mathrm{.}00\%$

d$.7\mathrm{.}20\%$