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6. A stock pays an annual dividend that is expected to increase by 4% each year in perpetuity. A dividend of $5.00 will be paid

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6. A stock pays an annual dividend that is expected to increase by 4% each year in perpetuity. A dividend of $5.00 will be paid exactly one year from today. Assuming an annual effective interest rate of 8%, calculate the modified duration for the stock

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