Schweser Practice Exam - Book 2, Exam 3 (Morning) trade, question, advise

ikoreaii

Equity question (pg. 156) #91 in Exam 3.

I'm TOTALLY confused. How do you know that the first dividend is $0.50? The answer in the back of the book gives no help here. You know the last trade, but I can't make that equate to $0.50 with k of 10%, g of 8% and temporary g of 15%... anyone done this one and can advise? THANKS!