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Kellner Motor Co . ' s stock has a required rate of return of 1 1 . 5 0 % , and it sells for

Kellner Motor Co.'s stock has a required rate of return of 11.50%, and it sells for $25.00 per share. Kellner's dividend is expected to grow at a constant rate of
7.00%. What was the last dividend, D0?
Select the correct answer.
a. $1.67
b. $0.74
c. $1.05
d. $0.43
e. $1.36
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