Problem $8-21$ Finding the Dividend $[$LO$1]$

Matterhorn Corporation stock currently sells for $$50$ per share. The market requires a

return of $8$ percent on the firm's stock. If the company maintains a constant $2$ percent

growth rate in dividends, what was the most recent dividend per share paid on the

stock? $($Do not round intermediate calculations and round your answer to $2$ decimal

places, e$.$g$.,32\mathrm{.}16.)$

Please provide detailed step$-$by$-$step. TY