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B Companys ore reserves are depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As

B Companys ore reserves are depleted, so its sales are falling. Also,

because its pit is getting deeper each year, its costs are rising. As a result, the companys

earnings and dividends are declining at a constant rate of 5% per year. If 0=$5 and

=15%, what is the current intrinsic value of Bs stock?

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