Microsoft is expecting to pay out a dividend of $2.50 next year. After that it capocts its dividend to grow at 7 percent for the ned four years. What is the present value of dividends over the next five year period it the required rate of rotum is 10 percent? (Do not round intermediate calculations. Round final answer to two decimal places) $8.80 $11.88 $10.76 $14.50