dividend growth rate

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A firm’s common stock has a required return of 12 percent. The firm paid a dividend of $1.24 last year and has stated that future dividends will increase by nine percent for the following four years. Thereafter, the dividend growth rate will be five percent. What’s one share of the stock worth to you today?

A. $58.22

B. $45.44

C. $63.45

D. $53.54

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