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PROBLEM 4 DIVIDEND POLICY AND RETAINED EARNINGS (14 POINTS) PART 1 DIVIDEND YIELD (6 POINTS) The shares of the Dyer Drilling Co. sell for $60.

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PROBLEM 4 DIVIDEND POLICY AND RETAINED EARNINGS (14 POINTS) PART 1 DIVIDEND YIELD (6 POINTS) The shares of the Dyer Drilling Co. sell for $60. The firm has a P/E ratio of 15. Forty percent of earnings is paid out in dividends. What is the company's dividend yield

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