Dexter Metals,paid Its First Annual Dividend Yesterday in the Amount

question 108

Multiple Choice

Dexter Metals,paid its first annual dividend yesterday in the amount of $0.18 a share.The company plans to double each annual dividend payment for the next 3 years.After that time,it plans to pay $1.25 a share for 2 years than then pay a constant dividend of $1.60 per share indefinitely.What is one share of this stock worth today if the market rate of return on similar securities is 10.24 percent?

• A)$12.32
• B)$12.77
• C)$13.20
• D)$14.26
• E)$14.79

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