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Trivoli Inc. just paid a dividend of D 0 = $ 1 . 2 5 . Analysts expect the company's dividend to grow by 3

Trivoli Inc. just paid a dividend of D0= $1.25. Analysts expect the company's dividend to grow by 30% this year, by 20% in Year 2, and at a constant rate of 4% in Year 3 and thereafter. The required return on this low-risk stock is 9.00%. What is the per-share estimate of the stocks intrinsic value?
a. $34.45
b. $36.02
c. $37.27
d. $38.52
e. $40.62

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