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Calculate dividend for year 4

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Firm X paid an annual dividend of $1.85 per share last year. Management just announced that future dividends will increase by 3 percent annually. What is the amount of the expected dividend in year 4?

1. 1.96
2. 1.91
3. 2.02
4. 2.08
5. 2.14

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Dividend

Firm X paid an annual dividend of $1.85 per share last year. ...

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