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Sanders Inc. paid a dividend of $4.00 in year 0 and is expected to continue to pay out 60% of its earnings as dividends for

Sanders Inc. paid a dividend of $4.00 in year 0 and is expected to continue to pay out 60% of its earnings as dividends for the foreseeable future. If you require a 15% rate of return on the stock, the value of the stock is .

a. $26.67 b. $35.19 c. $47.11 d. $59.89

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