A company is expecting a period of intense growth and has decided to retain more of their earnings to help finance that growth.As a result, the company is going to reduce the annual dividend by 15.00% a year for the next three years.After those three years, the company will maintain a constant dividend of $1.10 a share.Recently, the company paid $1.90 as the annual dividend per share. What is the market value of this stock if the required rate of return is 12.00%?

Question 29 options:

$9.64

$9.89

$10.14

$10.39

$10.63