Question: Problem 8-19 Supernormal Growth [LO1] Mobray Corp. is experiencing rapid growth. Dividends are expected to grow at 28 percent per year during the next three

Problem 8-19 Supernormal Growth [LO1] Mobray Corp. is experiencing rapid growth. Dividends are expected to grow at 28 percent per year during the next three years, 18 percent over the following year and then 5 percent per year indefinitely. The required return on this stock is 10 percent and the stock currently sells for $98 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.) Projected dividend 1-1

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