Afton Mines is a profitable company that is expected to pay a $4.25 dividend next year. Because
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Afton Mines is a profitable company that is expected to pay a $4.25 dividend next year. Because it is depleting its mining properties, the best estimate is that dividends will decline forever at a rate of 4 percent. The required rate of return on Afton stock is 9 percent. What is the value of Afton shares?
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