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Last year, XYZ Company paid a dividend of $1.95. It expects zero growth in the next year. In years 2 and 3,3% growth is expected,

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Last year, XYZ Company paid a dividend of $1.95. It expects zero growth in the next year. In years 2 and 3,3% growth is expected, and in year 4,6% growth. In year 5 and thereafter, growth should be a constant 5% per year. What is the maximum price per share that an investor who requires a return of 14% should pay for XYZ common stock? Select one: O a $26.76 b. $20.32 O c. $21.10 d. $22.51 e. $24.33

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