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You are interested in investing in a company that expects to grow steadily at an annual rate of 3 percent. The firm paid a dividend
You are interested in investing in a company that expects to grow steadily at an annual rate of 3 percent. The firm paid a dividend of $4.5 yesterday (D0).
If your required rate of return is 11 percent, what is the most you would be willing to pay for this stock?
Round it to two decimal places, e.g., 23.56.
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