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45. A company is expected to pay their first annual dividend at the end of this year. That payment will be $0.50 a share. The

45.

A company is expected to pay their first annual dividend at the end of this year. That payment will be $0.50 a share. The company will increase the dividend by 4% per year in the future. The required return is 12%. What is the estimated value of this stock today?

$4.98

$5.65

$5.98

$6.25

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