Question - Keeping Pace Enterprises, makers of track and field equipment, has common stock that sells for $29, and Keeping Pace Enterprises, makers of track and field equipment, has common stock that sells for $29, and its dividends are expected to grow at a rate of 9 percent annually. If investors in Pace require a return of 14%, what is the expected dividend next year?
$1.33
$2.40
$1.45
$1.60