Problem $9-24$ Dividend Growth

Four years ago, Bling Diamond, Incorporated, paid a dividend of $$1\mathrm{.}55$ per share. The

company paid a dividend of $$1\mathrm{.}97$ per share yesterday. Dividends will grow over the next

five years at the same rate they grew over the last four years. Thereafter, dividends will

grow at $4$ percent per year. What will the company's cash dividend be in seven years?

$($Do not round intermediate calculations and round your answer to $2$ decimal places,

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