Last year, Absolute Zero Freezers paid a dividend equal to $0.77 per share. Absolute follows the low regular dividend plus extras policy to determine its annual dividend. The policy requires the minimum dividend to be increased by 40 percent of the amount of earnings that exceeds $50,000. Last year's earnings were $80,000. If Absolute has 50,000 shares outstanding, how much is the minimum (low regular) dividend that the firm pays each year? Do not round intermediate calculations. Round your answer to the nearest cent. $____