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no excel 20. Negative Growth [LOL] Antiques R Us is a mature manufacturing firm. The com- pany just paid a dividend of $9.80, but management

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20. Negative Growth [LOL] Antiques R Us is a mature manufacturing firm. The com- pany just paid a dividend of $9.80, but management expects to reduce the payout by 4 percent per year indefinitely. If you require a return of 9.5 percent on this stock, what will you pay for a share today? 11

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