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= - Tawney Drilling Company's reserves are being depleted, so its sales are falling. As a result, the company's earnings and dividends are declining at

= - Tawney Drilling Company's reserves are being depleted, so its sales are falling. As a result, the company's earnings and dividends are declining at the constant rate of 4 percent per year. If Do= $3.00 and r s = 12%, what is the value of Tawney Drilling's stock? a. $18.00 b. $36.00 c. $37.50 d. $18.75 e. $39.00

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