Electric, Inc. was incorporated on January 1, 2016. Electric issued 5,000 shares of common stock and 600 shares of preferred stock on that date. The preferred stock is cumulative, $100.00 par, with an 12% dividend rate. Electric has not paid any dividends yet. In 2019, Electric had its first profitable year, and on November 1, 2019, Electric declared a total dividend of $48,000. What is the total amount that will be paid to preferred shareholders? O A. $28,800 O B. $6,000 OC. $48,000 OD. $7,200