Gladstone Company issues $200,000$ shares of preferred stock for $$40$ a share. The stock has fixed annual dividend rate of $5\%$ and a par value of $$3$ per share. If sufficient dividends are declared, preferred stockholders can anticipate receiving dividends of:

Multiple Choice

$$3$ per share.

$5\%$ of net income each year.

$$30,000$ each year.

$$10,000$ each year.