Never$-$On$-$Time Transportation Inc. has issued $$2\mathrm{.}5$ million in preferred shares with a par value $0$

$$20$ each and an annual dividend rate of $8\mathrm{.}25$ percent. The market value of the preferred shares is

if the required rate of return is $12$ percent.

A$$1\mathrm{.}72$ million

B$$17\mathrm{.}19$ million

C$$3\mathrm{.}64$ million

D$$34\mathrm{.}38$ million