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A stock is expected to pay an annual dividend of $0.30/share by the end of the year, and the dividend payments are expected to stay

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A stock is expected to pay an annual dividend of $0.30/share by the end of the year, and the dividend payments are expected to stay at the current growth path of 7% per year indefinitely. Investors require a return of 12% for this type of stock. What is the price? $8.20 $6.00 $6.42 $5.56

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