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A company is planning on increasing its annual dividend by 16% a year for the next four years and then decreasing the growth rate to

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A company is planning on increasing its annual dividend by 16% a year for the next four years and then decreasing the growth rate to 6% per year. The company just paid its annual dividend in the amount of $3.90 per share. What is the current value of one share if the required rate of return is 12.0%? $51.21 $66.25 $81.29 $111.37 $96.33

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