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Johnson Pharmaceuticals plans to pay $1.55 per share in dividends in the coming year. If the required rate of return is 8%, and dividends are

Johnson Pharmaceuticals plans to pay $1.55 per share in dividends in the coming year. If the required rate of return is 8%, and dividends are expected to grow by 3% per year in the future, what is the value of Johnsons stock?

a. $31.00

b. $19.38

c. $51.67

d. $28.70

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