Question: Briley, Inc., is expected to pay equal dividends at the end of each of the next two years. Thereafter, the dividend will grow at a

Briley, Inc., is expected to pay equal dividends at the end of each of the next two years. Thereafter, the will grow at a constant annual rate of 4 percent, forever. The current stock price is $45. What is next year’s payment if the required rate of return is 11 percent?

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