Preferred Stock Issued by ABC Corporation Has a Par Value

Preferred stock issued by ABC Corporation has a par value of $30 per share with a 7 percent dividend rate. How much in annual dividends is each preferred shareholder entitled to receive on each share owned, provided the company declares a dividend?

A) $3.00
B) $0.70
C) $2.10
D) $4.20
E) None of the above