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A public firm pays a current annual dividend of 3 . 0 0 per share and is currently growing at a rate of 1 8

A public firm pays a current annual dividend of 3.00 per share and is currently growing at a rate of 18%. This rate is expected to decline to 10% over four years and remain at that level indefinitely. The discount rate is 18%. The current estimated value of the firms stock using the H-model is closest to:
44.45
45.18
42.50
47.25

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