Question: 5. (3 points) Electricity for All (EFA) is preparing for their Initial Public Equity Offering (IPO). Being in a highly regulated industry, and with no

5. (3 points) Electricity for All (EFA) is preparing for their Initial Public Equity Offering (IPO). Being in a highly regulated industry, and with no plans for expanding, EFA plans to payout all of its earnings as dividends that are expected to the be same. If the expected rate of return on its equity is 13% and a fair IPO price is $101 per share, what is EFA's dividend per share? (Enter just the number in dollars without the $ sign or a comma and round off decimals to the closest integer, i.e., rounding $30.49 down to $30 and rounding $30.50 up to $31.)
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