Last year, Lowe's reported an earnings of $2 per share and paid a dividend of $0.50 per share. This year, earnings is expected to be $2.6 per share. Lowes has a 60% target payout ratio and uses a 3-year period to adjust its dividend. What is the expected dividend this year?

Group of answer choices

$0.25 per share

$0.55 per share

$0.62 per share