Gontier Corporation stock currently sells for $64.58 per share. The market requires a return of 10 percent on the firm’s stock.
Required: 
If
the company maintains a constant 5.75 percent growth rate in dividends,
what was the most recent dividend per share paid on the stock? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Dividend per share  $ 
Explanation:
We
are given the stock price, the dividend growth rate, and the required
return, and are asked to find the dividend. Using the constant dividend
growth model, we get:

P_{0} = D_{0} (1 + g) / (R – g) 
Solving this equation for the dividend gives us: 
D_{0} = P_{0}(R – g) / (1 + g) 
D_{0} = $64.58(0.10 – 0.0575) / (1 + 0.0575) 
D_{0} = $2.60 