Clapton is a London company that specialises in the manufacture of wheel clamps. The company has been

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Clapton is a London company that specialises in the manufacture of wheel clamps. The company has been generating stable revenues but sees no growth for the foreseeable future. The company’s last dividend was £3.25, which is unlikely to change. If investors’ required rate of return on their shares in Clapton is an annual 12%, estimate the current share price.

a. £39.00

b. £3.69

c. £27.08

d. £21.23

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