Hampshire Products will pay a dividend of $4 per share a year from now. Financial analysts believe that dividends will rise at 6 percent per year for the foreseeable future. What is the dividend per share at the end of each of the first five years?

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End of Year Dividend 1 $4.00 2 $4 x 1.06 = $4.24 3 $4 x 1.06² = $4.4944 = 4 $4 x 1.06³ = $4.7641 5 $4 x 1.064 = $5.0499