Briley, Inc., is expected to pay equal dividends at the end of each of the next two years. Thereafter, the dividend will grow at a constant annual rate of 5 percent, forever. The current stock price is $55.
What is next year’s dividend payment if the required rate of return is 14 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Dividend payment $