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A bank expects to pay a dividend next year of $3.45 and also expects dividends to grow at a rate of 7% from now on.

A bank expects to pay a dividend next year of $3.45 and also expects dividends to grow at a rate of 7% from now on. If the appropriate discount rate is 15%, what should this bank's stock price be in the market?

A 23

B 46.14

C 49.29

D 43.13

E 24.61

PLEASE WORK OUT

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