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28. A stock will pay an annual dividend of $4 with a grow rate of 5% forever, and the first dividend will be paid at

28. A stock will pay an annual dividend of $4 with a grow rate of 5% forever, and the first dividend will be paid at the end of the second year. What is the price of the stock today if the required rate of return is 10%?

Select one:

a. $40

b. $84

c. $80

d. $72.73

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