11.3 Northern Technology Inc. (NTI) closed the end of 2009 with a balance of $1,500,000 in retained earn- ings, as shown below. Because of a poor economy, NTI cut its total annual dividends to $30,000, after which it expects earnings and dividends to increase. For the next eight years, it expects the following results. Retained Earnings Net income (loss) Dividends Year ($000) ($000) ($000) 2009 1,500 2010 (500) 30 2011 (200) 30 2012 400 45 2013 350 45 2014 700 125 2015 810 150 2016 950 225 2017 1,150 ? Required: Calculate the maximum dividend NTI could pay at the end of 2017, assuming dividends are paid once annu- ally at year-end