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Bakers Delight just paid an annual dividend of $1.60 a share. The dividend will increase by 4 percent for the next four years and then

Bakers Delight just paid an annual dividend of $1.60 a share. The dividend will increase by 4 percent for the next four years and then increase by 3 percent annually thereafter. What is the present value of this stock at a discount rate of 14 percent?

A. $13.87

B. $15.49

C. $17.08

D. $19.30

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