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Sun Tans pays a constant annual dividend. Over the past year, the required return on this firm's stock increased. Given this information you know that

Sun Tans pays a constant annual dividend. Over the past year, the required return on this firm's stock increased. Given this information you know that over the past year:

the capital gains rate had to decrease.
the stock price increased and the capital gains yield decreased.
the capital gains rate had to increase.
the stock price had to decrease.
the stock price had to increase.

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