Antiques R Us is a mature manufacturing firm. The company just paid a $12 dividend, but management

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Antiques R Us is a mature manufacturing firm. The company just paid a $12 dividend, but management expects to reduce the payout by 4 percent per year, indefinitely. If you require a 9 percent return on this stock, what will you pay for a share today?
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Corporate Finance Core Principles and Applications

ISBN: 978-0077905200

3rd edition

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford

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