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Next year, Jensens will pay an annual dividend of $2.75 per share. The company has been reducing the dividends by 10 percent annually. How much

Next year, Jensens will pay an annual dividend of $2.75 per share. The company has been reducing the dividends by 10 percent annually. How much are you willing to pay today to purchase stock in this company if your required rate of return is 11.5 percent?

$11.92

$17.87

$12.79

18.33

$16.50

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