You are planning to purchase the stock of Robertson Inc. and you expect it to pay a
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Question:
You are planning to purchase the stock of Robertson Inc. and you expect it to pay a dividend of $3 in 1 year, $4.25 in 2 years, and $6.00 in 3 years. You expect to sell the stock for $100 in 3 years. If your required return for purchasing the stock is 12 percent, how much would you pay for the stock today?
$61.03
$90.27
$77.34
$81.52
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