Pinder Ltd operates under the classical tax system. Pinder Ltd has a taxable income of $3480 and its tax rate is 31%. Pinder Ltd pays all of its net income as dividends. If the average personal tax rate on dividend income is 49%, what is the total dividend income tax paid by Pinder Ltds shareholders? (round to the nearest two decimal places)

a) None of the other answers.

b) $1392.68

c) $1176.59

d) $1339.50

e) $1527.45