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Problem 9 - 2 2 Finding the Dividend Sorenson, Incorporated, is expected to pay equal dividends at the end of each of the next two

Problem 9-22 Finding the Dividend
Sorenson, Incorporated, is expected to pay equal dividends at the end of each of the next two years. Thereafter, the dividend will grow at a constant annual rate of 5.6 percent, forever. The current stock price is $61. What is next years dividend payment if the required rate of return is 14 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
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