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3) JCPenney currently pays an annual year-end dividend of $1 per share. It plans to increase this dividend by 5% next year and maintain this

3) JCPenney currently pays an annual year-end dividend of $1 per share. It plans to increase this dividend by 5% next year and maintain this growth rate for the foreseeable future. If the required return on this firm's stock is 8%, what is the value of the JCPenney's stock? (20 pts)
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3) JCPenney currently pays an annual vear-end dividend of $1 per share. It plans to inerease this dividend by 5% next year and maintain this growth rate for the foreseeable future. if the required return on this firm's stock is 8%, what is the value of the ICPenney's stock? (20 pts)

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