The Common Stock of Singer Machines Pays an Annual Dividend

The common stock of Singer Machines pays an annual dividend that is expected to increase by 6% annually. The stock commands a market rate of return of 11% and sells for $54.20 a share. What is
The expected amount of the next dividend?

A) $2.56
B) $2.59
C) $2.71
D) $2.84
E) $2.87