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Synovec Corp. is experiencing rapid growth. Dividends are expected to grow at 2 5 percent per year during the next three years, 1 5 percent

Synovec Corp. is experiencing rapid growth. Dividends are expected to grow at 25 percent per year during the next three years, 15 percent over the following year, and then 6 percent per year indefinitely. The required return on this stock is 12 percent, and the stock currently sells for $94 per share. What is the projected dividend for the coming year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)

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