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3. A company just paid its annual dividend of 1.60 a share and announced that all future dividends will be increased by 3% a year.

3. A company just paid its annual dividend of 1.60 a share and announced that all future dividends will be increased by 3% a year. What is one share of this stock worth to you if you require a rate of return of 14.8%?
A. 11.92
B. 11.95
C. 12.10
D. 13.97
E. 13.07

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