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It is forecasted that Ray Corp. will pay its first dividend four years from now in the amount of $4.20 and dividends will increase at

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It is forecasted that Ray Corp. will pay its first dividend four years from now in the amount of $4.20 and dividends will increase at a constant rate of 6% for the foreseeable future after that. If the market capitalization rate is 11%, at what price would you expect the firm to sell? A. $54 B. $55 C. $61 D. $84

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