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Toone Mineral Company s reserves are being depleted, so its sales are falling. As a result, the company s earnings and dividends are declining at

Toone Mineral Companys reserves are being depleted, so its sales are falling. As a result, the companys earnings and dividends are declining at the constant rate of 5 percent per year. If D0= $4.50 and rs =12%, what is the value of Toone Minerals stock?a.
$25.15
b.$67.50
c.$64.29
d.$26.47
e.$61.07

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