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13. A firm follows a residual dividend policy and maintains a constant debt-to-equity ratio. There are 9,250 common shares outstanding at a market price of
13. A firm follows a residual dividend policy and maintains a constant debt-to-equity ratio. There are 9,250 common shares outstanding at a market price of $12 per share, as well as 366 bonds outstanding and selling at a par value of $1,000. The projected spending on capital projects is $167,110 for next year. Net income for next year is estimated to be $64,950. What is the projected dividend amount per share for next year?
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