A limited company has authorised share capital of:

• 500,000 ordinary shares of $0.50 each

• 200,000 5 percent preference shares of $1 each.

The company had actually issued 80 percent of its ordinary shares and 50 percent of its preference shams.

During the year ended 31 March 2014, the company declared and paid an ordinary dividend of $0.02 per share and the preference dividend due.

Calculate the amount of dividends paid by the company during the year.