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A corporation intends to pay dividends next year of $5 per share, and will increase dividends by 5% each year after that. If interest rates

A corporation intends to pay dividends next year of $5 per share, and will increase dividends by 5% each year after that. If interest rates are 6%, what is the price of the stock?

A. $5.00

B. $500.00

C. 50.00

D. 50 cents

Please show the steps on this problem (the answer is not $500.00, I got it wrong)

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