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12. A firm is planning on paying its first dividend of $2 in three years. After that dividends are expected to grow at 6% per

12. A firm is planning on paying its first dividend of $2 in three years. After that dividends are expected to grow at 6% per year indefinitely. The stock's required return is 14%. What is the value of a share today? a. $25.00 b. $16.87 c. $19.24 d. $20.99

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