A company has had net income and paid dividends as follows:

Year	Net income	Dividends
1	51,000	20,400
2	52,020	20,808
3	53,060	21,224
4	54,122	21,649

The company expects a net income of $56,286 in year 5. It has identified positive NPV projects that require $43,297 in funding. The company's target debt/asset ratio is 0.4.

a. If the company follows a residual dividend policy, how much will it pay out in dividends (in $)?