On December 31, 2023, Banks Corp. has 5,250 shares outstanding of $40 par value 7% preferred stock and 2,050 shares outstanding of $20 par value common stock. The company did not pay out dividends in 2021 and 2022. As of December 31, 2023, the company will distribute $95,000 in dividends. Banksbegan operations January 1, 2021.

How much will the preferred stockholders receive if the preferred stock is cumulative and fully participating. (round calculations to 4 decimal places)

a)

$84,294

b)

$79,487

c)

$44,100

d)

$14,700