Which one of the following statements is NOT true? Select one:

A. The overall efficiency of a capital market depends on its operational efficiency and its informational efficiency.

B. Operational efficiency focuses on bringing buyers and sellers together at the lowest possible cost.

C. If market prices reflect all public information about securities at a particular point in time, the market is semi-strong form efficient.

D. If market prices reflect all public relevant information about securities at a particular point in time, the market is strong-form efficient

After paying a dividend of $1.90 last year, a company does not expect to pay a dividend for the next year. After that it plans to pay a dividend of 3.14 in year 2 and then increase the dividend at a rate of 4 percent per annum in years 3 to 6. What is the expected dividend to be paid in year 5? (to nearest cent; don't include $ sign)