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A stock pays an annual dividend of $ 3 per share in perpetuity. Assume the discount rate is always 4 % per year. What is

A stock pays an annual dividend of $3 per share in perpetuity. Assume the discount rate is always 4% per year. What is the present value of the perpetuity?
a. $40
b. $10
c. $75
d. $20
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