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A firm has just paid (the moment before valuation) a dividend of 88 and is expected to exhibit a growth rate of 15% for five years, after which the growth rate will decrease to 5% forever. After five years, the payout ratio will increase from its present 30% to 50%. If the appropriate discount rate is 12%, what is the value of the stock? Hide answer choices A 23.88 B 25.88 27.88 D 29.88 Correct answer E 31.88