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A company is expected to issue dividends of $10 for the next 3 years, and 5% annual dividend growth for the 4th year and after.

A company is expected to issue dividends of $10 for the next 3 years, and 5% annual dividend growth for the 4th year and after. What is the dividend for the 5th, respectively?

A. $10.00

B. $10.50

C. 9.50

D. 11.03

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