After a 3-for-1 stock split, Tyler Company paid a dividend of $1.4 per new share, which represents a 5% increase over la...
After a 3-for-1 stock split, Tyler Company paid a dividend of $1.4 per new share, which represents a 5% increase over last year's pre-split dividend. What was last year's dividend per share? Round your answer to the nearest cent.
$
Homework Answers
DPS after split = $1.4
Equivalent pre-split dividend = $1.4(3) = $4.2
New equivalent dividend = Last year’s dividend(1.05)
$4.2 = Last year’s dividend(1.05)
Last year’s dividend = $4.2 / 1.05
Last year’s dividend = $4.00
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