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Marine Industries just paid a dividend of $1.30. Analysts expect the company's dividend to grow by 15 percent for 3 years and then the rate

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Marine Industries just paid a dividend of $1.30. Analysts expect the company's dividend to grow by 15 percent for 3 years and then the rate of growth changes to 5 percent per year from Year 4 onwards. The required rate of return is 8 percent. What is the present value of cash flows during the stage II? Select one: a. $54.90 b. $51.60 C. $69.10 d. $56.80 e. $45.80

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