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A firms stock is expected to pay a $3 annual dividend next year, the current stock price is $60, and the market required rate of

A firms stock is expected to pay a $3 annual dividend next year, the current stock price is $60, and the market required rate of return is 14%. What is the expected growth rate on dividends of the stock?

a. 9%

b. 19%

c. 5%

d. 20%

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