Question: Mobray Corp. is experiencing rapid growth. Dividends are expected to grow at 2 6 percent per year during the next three years, 1 6 percent

Mobray Corp. is experiencing rapid growth. Dividends are expected to grow at 26 percent per year during the next three years, 16 percent over the following year, and then 5 percent per year indefinitely. The required return on this stock is 12 percent, and the stock currently sells for $66 per share. What is the projected dividend for the coming year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)

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