$11$

Sorenson, Incorporated, is expected to pay equal dividends at the end of each of the next two years. Thereafter, the dividend will grow at a constant annual rate of $4\mathrm{.}3$

$10$ percent, forever. The current stock price is $$48.$ What is next year's dividend payment if the required rate of return is $12$ percent? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Dividend payment

References