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You consider purchasing a share of stock for $ 5 3 . 0 0 . It is expected to have a return of 9 .

You consider purchasing a share of stock for $53.00. It is expected to have a return of 9.6% and to make a dividend payment one year from now. The subsequent dividends are expected to grow at an annual rate of 1.6% forever. What is the dividend payment that is expected one year from today? (round to the nearest cent)

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