Salmon, Inc. issues 500,000 shares of preferred stock for $60 a share. The stock has a fixed annual dividend rate of 5% and a par value of $18 per share. The current price of the preferred stock is $64 a share. If sufficient dividends are declared, preferred stockholders can anticipate receiving annual dividends of:
A. $3.00 per share.
B. $3.20 per share.
C. $0.90 per share.
D. $2.10 per share.
Answer: C
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