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1 9 . Negative Growth ( LO 1 ) Foxtrap Inc. is a mature manufacturing firm. The company just paid a $ 9 . 4

19 .

Negative Growth

(

1)

Foxtrap Inc. is a mature manufacturing firm. The company just paid a $

9.40

dividend, but management expects to reduce the payout by

4 %

per year indefinitely. If you require a

10 %

return on this stock, what will you pay for a share today?

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