Question - A company has the following information:
• 2015 Retained Earnings - $12.0 billion
• 2016 Net Income - $3.5 billion
• 2016 CAPEX - $200.0 million
• 2016 Preferred Dividends - $100.0 million
• 2016 Cash Dividends - $400.0 million
What is the retained earnings balance at the end of 2016?
A. $15.5 billion
B. $15.2 billion
C. $14.8 billion
D. $15.0 billion