Cortez, Inc., is expecting to pay out a dividend of $2.5 next year. After that it expects its dividend to grow by 25 cents per year for the next 3 years. What is the present value of dividends over the four year period if the required rate of return is 9 percent? (Do not round intermediate calculations. Round final answer to two decimal places.) $11.06 none of these $11.88 $9.23 $7.61