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how to work this out step by step ? 7) A Manufacturing Company based in the US just paid a dividend of 12.40. Analysts expect

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7) A Manufacturing Company based in the US just paid a dividend of 12.40. Analysts expect its dividend to grow at a rate of 16 per cent next year, 11 per cent for the following three years, and then a constant rate of 5 per cent thereafter. What is the expected dividend per share at the end of year 6? A) 14.08 B) 18.98 C) 20.77 D) None of the above values

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