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Michael's, Inc., just paid $2.35 to its shareholders as the annual dividend. Simultaneously, the company...

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Accounting

Michael's, Inc., just paid $2.35 to its shareholders as the annual dividend. Simultaneously, the company announced that future dividends will be increasing by 5.1 percent. If you require a rate of return of 9.3 percent, how much are you willing to pay today to purchase one share of the company's stock?

Multiple Choice

$61.16

$29.40

$58.81

$26.56

$17.15

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