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8. Compounding Dividend Amounts. Carl Patterson likes investing in stocks that pay dividends. Carl owns...

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8. Compounding Dividend Amounts. Carl Patterson likes investing in stocks that pay dividends. Carl owns 52 shares of a local utility company. The stock pays a regular annual dividend in the amount of $3.00 per share and the company has indicated that the dividend will stay the same for a long time, If Carl reinvests his dividends each year and the dividends cam a return of 6 percent each year, how much will Carl accumulate in 15 years? (To solve this problem, you may want to use Exhibit 1-B in the appendix that follows Chapter 1.)

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