The Royal Bank of Canada has a noncumulative class of preferred shares with an annual dividend rate

Question:

The Royal Bank of Canada has a noncumulative class of preferred shares with an annual rate of $1.18. David Chen owns 1,000 of these shares. If the Royal Bank declares and pays a quarterly on these shares, how much cash can David expect to receive for the quarter? If these preferred shares have a feature to reset the rate, does that make these shares more or less appealing as an investment for David?
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...