Collins Corporation is expected to pay a cash dividend on its common stock of $2.20 per share in one year, $2.45 per share in two years, and a dividend of $2.60 per share in three years. Your analysis indicaes that you think you will sell the stock for a market price of $34.50 per share in three years. The current risk-free rate is 2.20% while the appropriate rate of return for the risks involved in owning Collins corporation stock is 10.75%

What will be the dividend yield for the first year (rounded to two decimal places)