Figurate Industries has 800,000 shares of cumulative preferred stock outstanding. It has passed the last three quarterly dividends of $2.80 per share and now

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Figurate Industries has 800,000 shares of cumulative preferred stock outstanding. It has passed the last three quarterly dividends of $2.80 per share and now (at the end of the current quarter) wishes to distribute a total of $12 million to its shareholders. If Figurate has 3.7 million shares of common stock outstanding, how large a per-share common stock dividend will it be able to pay? The per-share common stock dividend Figurate will be able to pay is $ (Round to the nearest cent.)

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