Question 23 1 pts Cortez, Inc., is expecting to pay out a dividend of $2.5 next year. After that it expects its dividend to grow by 25 cents per year for the next 3 years. What is the present value of dividends over the fouryear period if the required rate of return is 9 percent? (Do not round intermediate calculations. Round final answer to two decimal places.) none of these $7.61 $9.23 $11.88 $11.06