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Disney is expected to pay a dividend of $3.25 one year from now. The dividend is expected to growth at 3% per year. The market

Disney is expected to pay a dividend of $3.25 one year from now. The dividend is expected to growth at 3% per year. The market has an historical risk premium of 7%, and the current risk free rate is 2%. The beta of Disney is 1.10. What is the value of Disney stock?

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$38.20

$44.96

$48.51

$52.50

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