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As the growth rate of dividends for a stock increases I. Asset prices increase because the cash flows increase II. Asset prices decrease because the

As the growth rate of dividends for a stock increases

I. Asset prices increase because the cash flows increase

II. Asset prices decrease because the present value of cash flows decreases

III. Asset prices do not change

a. I only

b. II only

c. III only

d. I and II

e. II and III

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