Problem 7-20 Finding the Dividend [LO 1] Dropshot Corporation stock currently sells for $64.63 per share. The market requires a return of 11 percent on the firm's stock. If the company maintains a constant 4.75 percent growth rate in dividends, what was the most recent dividend per shar paid on the stock? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Dividend per share

Dropshot Corporation stock currently sells for $64.63 per share. The market requires a return of 11 percent on the firm's stock. If the company maintains a constant 4.75 percent growth rate in dividends, what was the most recent dividend per share paid on the stock? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)