Can someone please perform the math here, not sure if the answer is $16.50 or $17.50. Thanks

Wetzel, Inc. has 20,000 shares of cumulative preferred stock outstanding, with annual dividends paid at a rate of $1 per share. Wetzel, Inc. also has 40,000 shares of common stock outstanding. Preferred dividends were passed in the prior year. If Wetzel, Inc. declares a $700,000 dividend, each outstanding share of common stock would receive: (Round your answer to the nearest cent.) A. $16.50 B. $17.00 O C. $17.50 O D. $1.00