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Dividend per share expected for the 5 future years:

Year 1 (2021): $3.27

Year 2 (2021): $3.56

Year 3 (2022), $3.88

Year 4 (2023). $4.22

Year 5 (2024): $4.58

Calculations can be done using the model for two-stage growth, which is based on the assumption that dividends grow in different ways over time. First, multiply the dividends ($3) for three years by 1. Then add the annual growth rate.

1 + 0.09 x D0 = 3.27

< [For Year 1]

(D1 + D2) = 3.56

[For Year 2]

If D3 is equal to $3.88, then D2 x 1+0.09 = D3

[For Year 3]

We calculate the future dividends in the second step, lasting for two years. To do this, multiply one by a rate of decline from our previous calculation:

(D0 + D3 = $ 4.22)

[For Year 4]

(1+0 .03 )xD4=D5=$4 .58

[For Year 5]