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Equity analysts predict that a corporation will pay annual dividends of $ 1 . 5 , $ 2 . 0 , and $ 2 .

Equity analysts predict that a corporation will pay annual dividends of $1.5, $2.0, and $2.4 over the next three years. For the following years, dividends are assumed to grow at a constant rate, g =5%. When r =15%, what should P0 be?
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a
18.147
b
20.96
c
24.00
d
28.17

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