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XYZ Restaurant is losing significant market share and thus its managers have decided to decrease the firm's annual dividend. The last annual dividend was $1.22

XYZ Restaurant is losing significant market share and thus its managers have decided to decrease the firm's annual dividend. The last annual dividend was $1.22 a share but all future dividends will be decreased by 3.25 percent annually. What is a share of this stock worth today at a required return of 29.8 percent?

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