Sunny Company has 50,000 shares of $100 par value, 4% cumulative preferred stock and 150,000 shares of $10 par value common stock. Sunny declares and pays cash dividends amounting to $470,000. If no arrearage on the preferred stock exists, how much in dividends per share is paid to the common stockholders?

Select one: a. $3.13 b. $4.00 c. $1.80 d. $5.40