please solve it and explain. thanks

Answer: 4. 500,000 shares of preferred stock were issued by a firm for fiscal year 2015 at a rate of 8% (par value of $100). At the end of 2015, dividends declared were $3,500,000. At the end of 2016, dividends declared was $5,500,000. What was the total dividends paid in the two-year period for each preferred and common stock? Preferred stock dividends paid: Common stock dividends paid