An analyst produces the following series of annual dividend forecasts for company D: Expected dividend (end of) year t+1 = 10m; Expected dividend (end of) year t+2 = 20m; Expected dividend (end of) year [+3 =

15m. Company D's cost of equity equals 10 percent. Under these assumptions, the analyst's estimate of company D's equity value at the end of year 3 is equal to almost

O 40.12m

Saved

6 36,89m

O 50m

O 38,50 m

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