Compounding Dividend Amounts. Carl Patterson likes investing in stocks that pay dividends. Carl owns 60 shares of a local utility company. The stock pays a regular annual dividend in the amount of $3.50 per share, and the company has indicated that the dividend will stay the same for a long time. If Carl reinvests his dividends each year and the dividends earn a return of 6 percent each year, how much will Carl accumulate in 15 years? (To solve this problem, you may want to use the formulas or tables in Exhibit 1-B in the appendix that follows Chapter 1 or use a future value calculator available on different websites.)

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