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Suppose a share of stock in a deteriorating industry just paid a $3 dividend, and dividends are expected to decline by 6% per year, forever.

Suppose a share of stock in a deteriorating industry just paid a $3 dividend, and dividends are expected to decline by 6% per year, forever. If investors use a 12% discount rate to value the shares, what is the value of a share today?
A.
$18.75
B.
$25.00
C.
$24.00
D.
$15.67

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