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Jabroni Inc. has paid a dividend of $ 2 . 0 a share last year. Yesterday, the firm announced that the dividend will increase by

Jabroni Inc. has paid a dividend of $2.0 a share last year. Yesterday, the firm announced that the dividend will increase by 10 percent each year for the next three years, after which time the dividends will increase by 5 percent annually. The required return on this stock is 11 percent. What is the current value per share?
$39.93
$46.55
$49.21
$37.57

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