Question 10 (4 points) At the beginning of the year. Apple declares a dividend of $7 to be paid on a semi- annual basis (i.e. $7 will be paid out twice in the year, the first will be paid 6-month from now). Apple will only adjust the dividend amount on an annual basis (the two dividends paid within the year would be equal). An analyst forecasts that the dividend will increase 9% annually. At beginning of the year, Carol bought some Apple shares and predicted a stated annual return of 22%, compounded semi- annually. At what price did Carol buy the Apple share