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1 1 . Dakhan, Inc. manufactures no - inhale cigarettes. As their target customers age and pass on , sales of the product are
Dakhan, Inc. manufactures noinhale" cigarettes. As their target customers age and pass on sales of the product are ex pected to decline. Thus, demographics suggest that earnings and dividends wil decline at a rate of deg annually forever. The firm just paida dividend of OMR ; given a required return is the price of the stock in years will be:
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