Salmon, Inc. issues 513,000 shares of preferred stock for $29 a share. The stock has a fixed annual dividend rate of 8% and a par value of $16 per share. The current price of the preferred stock is $31 a share. If sufficient dividends are declared, preferred stockholders can anticipate receiving annual dividends of:

Multiple Choice

• $2.32 per share.

• $1.04 per share.

• $1.28 per share.

• $2.48 per share.