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Please show all steps and calculations: A security pays an annual dividend of $0.8 forever. The appropriate discount rate is 9% per year. What is

Please show all steps and calculations:

A security pays an annual dividend of $0.8 forever. The appropriate discount rate is 9% per year.

  • What is the present value of this security if the first payment is made one year from now?
  • What is the present value of this security if the first payment is made two years from now? (The security still makes annual payments after that as before.)

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