Most corporations pay quarterly dividends on their common stock rather than annual dividends. Barring any unusual circumstances during the year, the board raises, lowers, or maintains the current dividend once a year and then pays this dividend out in equal quarterly installments to its shareholders.

Now suppose that the company actually pays its annual dividend in equal quarterly installments; thus, this company has just paid a dividend of $1.500 per share, as it has for the previous three quarters. What is your value for the current share price now?