Last year, Absolute Zero Freezers paid a dividend equal to $$1\mathrm{.}06$ 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 $20$ percent of the amount of earnings that exceeds $$45,000.$ Last year's earnings were

$$75,000.$ If Absolute has $20,000$ 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.

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