You are a shareholder in an S-corporation. The corporation earns $13 per share before taxes. The firm distributes 50% of its earnings to you as a dividend. The dividend is income to you, so you will then pay taxes on these earnings. Your tax rate on dividend income is 29%.

How much of the earnings will the shareholder receive after-tax? Enter your answer in the following format: 12.34 Hint: Answer is between 4.15 and 5.12