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Cliff's Cancer Sticks, Inc (CCSI) makes cigarettes with unusually high nicotine content. Due to the short life expectancy of CCSI customers, dividends, revenues and net

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Cliff's Cancer Sticks, Inc (CCSI) makes cigarettes with unusually high nicotine content. Due to the short life expectancy of CCSI customers, dividends, revenues and net income are expected to decline at a 10% annual rate indefinitely. CCSI just paid a $12 per share dividend and the market required rate of return on stocks of similar risk is 10%. What is a share of CCSI worth today? Select one: a. $50.00 b. $54.00 c. $57.00 d. $60.00 e. None of the above

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