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Suppose Summit Company shares pay a dividend of $ 8.00 per share. If dividends are expected to increase at a rate of 5% per year

Suppose Summit Company shares pay a dividend of $ 8.00 per share. If dividends are expected to increase at a rate of 5% per year and if the required rate of return is 15%. Determine what the value of Summit Company stock is.

A) 84

B) 86.60

C) 85.45

D) 83.35

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