Problem 9.10 (Valuation of a Declining Growth Stock) 1on 8 of Questions 6. Check My Work 7. 8. eBook 9. Maxwell Mining Company's ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the company's earnings and dividends are declining at the constant rate of 6% per year. If Do - $3 and r, - 9%, what is the value of Maxwell Mining's stock? Round 10. 11. your answer to the nearest cent. %24