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Business Services Inc. is expected to pay its first annual dividend of $0.80 per share three years from now. Starting in Year 6, the company

Business Services Inc. is expected to pay its first annual dividend of $0.80 per share three years from now. Starting in Year 6, the company is expected to start increasing the dividend by 2 per cent per year. What is the value of this stock today at a required return of 12%?

Group of answer choices

$7.47

$6.16

$6.63

$7.22

$6.47

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