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Company presently pays no dividend. You anticipate the company will pay an annual dividend of $0.56/share two years from today and you expect dividends to

Company presently pays no dividend. You anticipate the company will pay an annual dividend of $0.56/share two years from today and you expect dividends to grow by 4& per year thereafter. If the company's equity cost of capital is 12%, then the value of a share today is:

$5

$7

$6.25

$4.67

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