Northern Technology Inc. (NTI) closed the end of 2009 with a balance of $1,500,000 in retained earnings, as shown below. Because of a poor economy, NTI cut its total annual dividends to $30,000, after which it expects earnings and dividends to increase. For the next eight years, it expects the following results.

Required:
Calculate the maximum dividend NTI could pay at the end of 2017, assuming dividends are paid once annually at year-end.

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Retained Earnings ($000) 1,500 Net income (loss) ($000) Dividends ($000) Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 (500) 200) 400 350 700 810 950 1,150 45 45 125 150 225