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$10$

Sanders, incorporated, paid a $$4$ dividend per share last year and is expected to continue to pay out $60\%$ of its earnings as dividends for the foresesable finture if the firm is expected to generate a $10\%$ return on equity in the future, and if you require a $12\%$ return on the stock, the value of the stock is

Muthings cteries

$32000$

$34$

$3\mathrm{.}9\mathrm{.}909$