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Elephant Inc. ' s common stock currently sells for $ 6 . 3 6 per share. The company executives anticipate a growth rate of 3

Elephant Inc.

'

s common stock currently sells for $

6.36

per share. The company executives

anticipate a growth rate of

3 %

forever and a dividend of $

1.23

next year. What is your expected

rate of return if you buy the stock at the current price?

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