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(b) Stagnant Iron and steel currently pays a $12.25 annual cash dividend. They plan to maintain the dividend at this level for the foreseeable future

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(b) Stagnant Iron and steel currently pays a $12.25 annual cash dividend. They plan to maintain the dividend at this level for the foreseeable future as no future growth is anticipated if the required rate of return is 18% 1) What is the stock's current value per share? 2) Would you buy the stock at the price of $60 ? and explain why

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