A Company Issues 500,000 Shares of Preferred Stock for $30

A company issues 500,000 shares of preferred stock for $30 a share.The stock has a fixed annual dividend rate of 5% and a par value of $9 per share.The current price of the preferred stock is $32 a share.Preferred stockholders can anticipate receiving a per share annual dividend of:

A) $.45.
B) $1.50.
C) $1.60.
D) $1.05.