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JCPenney Company is expected to pay a dividend in year 1 of $ 1 . 6 5 , a dividend in year 2 of $

JCPenney Company is expected to pay a dividend in year 1 of $1.65, a dividend in year 2 of $1.97, and a dividend in year 3 of $2.54. After year 3, dividends are expected to grow at the rate of 8% per year. An appropriate required return for the stock is 11%. The stock should be worth _______ today.
Group of answer choices
$66.00
$40.67
$33.00
None of the options are correct.
$71.80

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