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Johnston Industries' common stock trades for $40 and has a beta of 1.25. The market return and risk-free rate are 16% and 2%, respectively. Johnston's

Johnston Industries' common stock trades for $40 and has a beta of 1.25. The market return and risk-free rate are 16% and 2%, respectively. Johnston's constant dividend growth rate is 4%. Find the next dividend to be paid. Round intermediate steps to four decimals.

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