Four years ago, Bling Diamond, Inc., paid a dividend of $1.95 per share. The company paid a dividend of $2.37 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 8 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., 32.16.)
Cash dividend $