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The Pfazer Co. is a new, rapidly growing biotech firm. The company is planning on increasing its annual dividend by 20% a year for the

The Pfazer Co. is a new, rapidly growing biotech firm. The company is planning on increasing its annual dividend by 20% a year for the next four years and then settling at a growth rate of 5% per year. The company is just paid an annual dividend of $1.00 per share. What is the current price of the stock if required rate of return of 9.25%?

41.05

45.81

43.19(x)

35.63

38.19

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