Problem:
Weisbro and Sons common stock sells for $23 a share and pays an annual dividend that increases by 4.5 percent annually. The market rate of return on this stock is 10.20 percent.
Required:
Question: What is the amount of the last dividend paid by Weisbro and Sons?
- $1.37
- $1.25
- $2.24
- $0.99
- $1.21
Note: Explain all steps comprehensively.