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A company that just paid a dividend of $2.75 per share plans to increase its dividend by 14% next year. The company plans to then reduce its dividend growth rate by 4% each year until it reaches a dividend growth rate of 6%. The company is expected to then maintain a constant dividend growth rate of 6% forever. The required return on the stock is 12%. What is the dividend amount expected to be paid by this stock 3 years from now?
Round the final answer to 2 decimal places
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