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A common stock pays a $2 dividend last year and is expected to pay cash dividend each year thereafter.

Each year, the dividends are expected to grow at a rate of 10% and investor's required rate of return is 15%.

A. WHAT IS D₁ = ?

B. WHAT IS V_cs = ?

C. ASSUME THAT THE current market value of CS is $44.51, WHAT IS THE expected k_cs = ?

ANSWER:

A. 2.20

B. 44

C. 14.94%

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