Manic Corporation Issued 200,000 Preferred Shares with a Book Value

Manic Corporation issued 200,000 preferred shares with a book value of $10 million three years ago.If the required return is 8.42% and the current market value of these preferred shares is $9.5 million, what is the annual dividend?

A) $4.00
B) $4.71
C) $2.50
D) Cannot be calculated