Company X just issued 200,000 shares of preferred stock at a price of $25 per share. The company has promised to pay a quarterly dividend, with the first dividend of $0.25 occurring 3 months from now. These dividends are expected to grow at a constant rate each year. Given that the interest rate is 10%, what is the growth rate on this preferred stock?

a. 4%

b. 6%

c. 8%

d. 10%

e. 12%