Cortez, inc., is expecting to pay out a dividend of $2.50 next year. after that it expects its dividend to grow at 7 percent for the next four years. what is the present value of dividends over the next five-year period if the required rate of return is 10 percent? (do not round intermediate calculations. round final answer to two decimal places.)

$10.76

Step-by-step explanation:

Present dividend, is $2.5

Expected dividends for the next 1, 2, 3 and 4 years denoted by , , , , respectively will be

=$2.5(1+0.07)=$2.675

=$2.675(1+0.07)=$2.86225

=$2.86225(1+0.07)=$3.0626075

=$3.0626075(1+0.07)=$3.276990025

Present value will be

$2.272727273 + $2.210743802 + $2.150450789 + $2.091802131 + $2.034752982 = $10.76047698

Rounded off to 2 decimal places we get $10.76

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