14. Cortez, Inc., is expecting to pay out a dividend of S2.50 next year. After that it expects its dividend to grow at 7 percent for the next four years. What is the present value of dividends over the next five-year period if the required rate of return is 10 percent? Round final answer to two decimal places. a. $10.76 b. $11.88 c. $11.50 d. $9.80 15. Next year, Pepsi will pay a dividend of $3.00. It expects to increase its dividend by $0.25 in each of the following three years. If their required rate of return is 14 percent, what is the present value of their dividends over the next four years? Round final answer to two decimal places.) a. $13.50 b. $9.72 c. $12.50 d. $11.63 16. Blockbuster Video has not paid out any dividend in the last three years. It does not expect to pay dividends in the next two years either as it recovers from an economic slowdown. Three years from now it expects to pay a dividend of $2.50 and then $3.00 in the following two