A C corporation earns

$5.3

per share before taxes. The corporate tax rate is 35%, the personal tax rate on dividends is 20%, and the personal tax rate on

nondividend

income is 39%. What is the total amount of taxes paid if the company pays a

$3

dividend?

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Part 1

The present value of the aunt's promise is

$enter your response here.

(Round to the nearest dollar.)