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The common stock of a company is currently selling for $ 1 5 per share. The company has been growing at a constant annual rate

The common stock of a company is currently selling for $

15

per share. The company has been growing at a constant annual rate of

3

percent, and this growth is expected to continue for an infinite period. The required rate on the stock is

7

percent. If you buy the stock today, what is the next dividend you would receive?

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