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Holtzman Clothiers's stock currently sells for $33.00 a share. It just paid a dividend of $2.75 a share (i.e., D0 = $2.75). The dividend is

Holtzman Clothiers's stock currently sells for $33.00 a share. It just paid a dividend of $2.75 a share (i.e., D0 = $2.75). The dividend is expected to grow at a constant rate of 3% a year.

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