jpmorgan chase & co./2017 annual report 89 the table below reflects the firm 2019s assessed level of capital allocated to each line of business as of the dates indicated .line of business equity ( allocated capital ) .
[['( in billions )', 'january 12018', 'december 31 , 2017', 'december 31 , 2016'], ['consumer & community banking', '$ 51.0', '$ 51.0', '$ 51.0'], ['corporate & investment bank', '70.0', '70.0', '64.0'], ['commercial banking', '20.0', '20.0', '16.0'], ['asset & wealth management', '9.0', '9.0', '9.0'], ['corporate', '79.6', '79.6', '88.1'], ['total common stockholders 2019 equity', '$ 229.6', '$ 229.6', '$ 228.1']]
planning and stress testing comprehensive capital analysis and review the federal reserve requires large bank holding companies , including the firm , to submit a capital plan on an annual basis .the federal reserve uses the ccar and dodd-frank act stress test processes to ensure that large bhcs have sufficient capital during periods of economic and financial stress , and have robust , forward-looking capital assessment and planning processes in place that address each bhc 2019s unique risks to enable it to absorb losses under certain stress scenarios .through the ccar , the federal reserve evaluates each bhc 2019s capital adequacy and internal capital adequacy assessment processes ( 201cicaap 201d ) , as well as its plans to make capital distributions , such as dividend payments or stock repurchases .on june 28 , 2017 , the federal reserve informed the firm that it did not object , on either a quantitative or qualitative basis , to the firm 2019s 2017 capital plan .for information on actions taken by the firm 2019s board of directors following the 2017 ccar results , see capital actions on pages 89-90 .the firm 2019s ccar process is integrated into and employs the same methodologies utilized in the firm 2019s icaap process , as discussed below .internal capital adequacy assessment process semiannually , the firm completes the icaap , which provides management with a view of the impact of severe and unexpected events on earnings , balance sheet positions , reserves and capital .the firm 2019s icaap integrates stress testing protocols with capital planning .the process assesses the potential impact of alternative economic and business scenarios on the firm 2019s earnings and capital .economic scenarios , and the parameters underlying those scenarios , are defined centrally and applied uniformly across the businesses .these scenarios are articulated in terms of macroeconomic factors , which are key drivers of business results ; global market shocks , which generate short-term but severe trading losses ; and idiosyncratic operational risk events .the scenarios are intended to capture and stress key vulnerabilities and idiosyncratic risks facing the firm .however , when defining a broad range of scenarios , actual events can always be worse .accordingly , management considers additional stresses outside these scenarios , as necessary .icaap results are reviewed by management and the audit committee .capital actions preferred stock preferred stock dividends declared were $ 1.7 billion for the year ended december 31 , 2017 .on october 20 , 2017 , the firm issued $ 1.3 billion of fixed- to-floating rate non-cumulative preferred stock , series cc , with an initial dividend rate of 4.625% ( 4.625 % ) .on december 1 , 2017 , the firm redeemed all $ 1.3 billion of its outstanding 5.50% ( 5.50 % ) non-cumulative preferred stock , series o .for additional information on the firm 2019s preferred stock , see note 20 .trust preferred securities on december 18 , 2017 , the delaware trusts that issued seven series of outstanding trust preferred securities were liquidated , $ 1.6 billion of trust preferred and $ 56 million of common securities originally issued by those trusts were cancelled , and the junior subordinated debentures previously held by each trust issuer were distributed pro rata to the holders of the corresponding series of trust preferred and common securities .the firm redeemed $ 1.6 billion of trust preferred securities in the year ended december 31 , 2016 .common stock dividends the firm 2019s common stock dividend policy reflects jpmorgan chase 2019s earnings outlook , desired dividend payout ratio , capital objectives , and alternative investment opportunities .on september 19 , 2017 , the firm announced that its board of directors increased the quarterly common stock dividend to $ 0.56 per share , effective with the dividend paid on october 31 , 2017 .the firm 2019s dividends are subject to the board of directors 2019 approval on a quarterly basis .for information regarding dividend restrictions , see note 20 and note 25. .

Question: what is the annual cash flow cost of the cc series preferred stock , in m?
Answer: 60.1
Explanation: using dividend rate times face amount