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Patience, Inc.., just paid a dividend of $2.40 per share on its stock. The dividends are expected to grow at a constant rate of 4.75

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Patience, Inc.., just paid a dividend of $2.40 per share on its stock. The dividends are expected to grow at a constant rate of 4.75 percent per year, indefinitely. Assume investors require an 11.25 percent return on this stock. Requirement 1: What is the current price? (Select rounded answers as directed, but do not use the rounded numbers in intermediate calculations.) Requirement 2: (a)What will the price be in 4 years? (Select rounded answers as directed, but do not use the rounded numbers in intermediate calculations.) $51.23$46.57$18.96$44.46$17.24 (b)What will the price be in 14 years? (Select rounded answers as directed, but do not use the rounded numbers in intermediate calculations.) $70.71 $27.42 $81.48 $74.07 $30.16

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