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API has just paid an annual dividend of $1.39 per share and expects to increase it by 3.5 percent annually for the foreseeable future. Calculate

API has just paid an annual dividend of $1.39 per share and expects to increase it by 3.5 percent annually for the foreseeable future. Calculate the current value of APIs common stock given a discount rate of 6 percent.

A. $57.55

B. $55.60

C. $56.30

D. $58.50

E. $58.34

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