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The Textbook Production Co. has been hit by increased competition. The company's analyst predict that earnings (and dividends) will decline at a rate of 4%

The Textbook Production Co. has been hit by increased competition. The company's analyst predict that earnings (and dividends) will decline at a rate of 4% annually forever. Assume that rs = 11.7% and D0 = $1.05. What will be the price of the company's stock three years from now?

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