9-10 VALUATION OF A DECLINING GROWTH STOCK Martell Mining Companys ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the companys earnings and dividends are declining at the constant rate of 5% per year. If D0 5 and rs 15%, what is the value of Martell Minings stock?

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