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explain why times (1/1.0375) is not needed, cuz 3.04 is the D_1, not D_o Stock Values Five Star Corporation will pay a dividghd of $3.04

explain why times (1/1.0375) is not needed, cuz 3.04 is the D_1, not D_o
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Stock Values Five Star Corporation will pay a dividghd of $3.04 per share next year. The company pledges to increase its dividend by 3.75 percent per year, indefinitely. If you require a return of 11 percent on your investment, how much will you pay for the company's stock today

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