Question 21 (3 points) A company uses a residual dividend policy and has declared an annual dividend per share of $1.60. For the year just ended, earnings per share were $5.50. The company has 8,000 shares outstanding and $25,000 of new borrowing is planned for the coming year. What are planned investment outlays for the coming year? Enter your answer in the box shown below with 2 digits to the right of the decimal point