Cortez, Inc., is expecting to pay out a dividend of $2.50 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 five-year period if the required rate of return is 7.5 percent? (Do not round intermediate calculations. Round final answer to two decimal places.)

Group of answer choices

$10.76

$11.88

$9.80

$11.52