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4pass Inc. just paid an annual dividend of $1.21. The company follows a dividend policy that raises dividends annually at a rate of 4% (

4pass Inc. just paid an annual dividend of $1.21. The company follows a dividend policy that raises dividends annually at a rate of 4% ( and expects this rate to go forever). The required rate of return is 12%.

What is today's stock price?

a) 15.13

b) 27.03

c) 15.73

d) 10.08

e) 12.94

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