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If the corporate tax rate is 1 8 % , the individual ordinary income tax rate is 3 2 % , and the individual divident

If the corporate tax rate is 18%, the individual ordinary income tax rate is 32%, and the individual divident income tax rate is 28%, how much pre-tax corporate income is needed to generate $5 of after-tax dividend income for a shareholder? Give your answer in dollars to the nearest penny.

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