Company A will be reducing its annual dividend by 5.0% a year for the next 2 years. After that, it will pay a dividend of $1.00 a share, growing each year thereafter by 1.0%. This dividend stream with 1.0% growth per year is expected to last for 50 years (until the end of year 52), at which point each share can be exchanged for $20.00. The company recently paid a dividend of $1.40 per share. What is this stock worth given a 9.0% required rate of return? The stock is worth $12.80. The stock is worth $11.60. The stock is worth $15.56. The stock is worth $20.00