CraigTool Company just paid a dividend of $1.25 per share. The company plans to increase its dividend by 24% next year and then reduce its dividend growth rate by 10% per year until it reaches the industry average of 4% dividend growth, after which it is expected the company will maintain a constant growth rate forever. The stock has a required return of 8%. What dividend amount is this company's stock expected to pay 3 years from now?

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