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Antiques 'R' Us is a mature manufacturing firm. The company just paid a dividend of $12.30, but management expects to reduce the payout by 5

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Antiques 'R' Us is a mature manufacturing firm. The company just paid a dividend of $12.30, but management expects to reduce the payout by 5 percent per year, indefinitely. If you require a a return of 9 percent on this stock, what will you pay for a share today

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