After paying a dividend of $1.90 last year, a company does not expect to pay a dividend
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Question:
After paying a dividend of $1.90 last year, a company does not expect to pay a dividend for the next year. After that it plans to pay a dividend of 6.45 in year 2 and then increase the dividend at a rate of 4 percent per annum in years 3 to 6. What is the expected dividend to be paid in year 6? (to nearest cent)
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