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Daffy Duck Inc. over the next three years, plans to not pay any dividends and instead reinvest all of its earnings. Beginning in year four,

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Daffy Duck Inc. over the next three years, plans to not pay any dividends and instead reinvest all of its earnings. Beginning in year four, the firm will pay a $2.75 per share dividend, which will increase 2% annually thereafter. If the required return is 16%, what should the stock sell for today? A $19.64 B $14.60 C $12.58 D $10.85

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