Item$5$

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Item $5$

Suppose you know that a company$$s stock currently sells for $$65\mathrm{.}30$ per share and the required return on the stock is $9$ percent. You also know that the total return on the stock is evenly divided between capital gains yield and dividend yield. If it$$s the company$$s policy to always maintain a constant growth rate in its dividends, what is the current dividend per share?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$