The Cruise Ship Co

The Cruise Ship Co. has taxable income of $3,500,000. The company paid out $550,000 in interest expense. The tax rate is 21% and the dividend payout ratio is 30%. What is the amount that was paid out in dividends?

A) $420,000
B) $550,000
C) $682,500
D) $780,000
E) $829,500