Question: An equity analyst from Jefferies & Co expects Johnson & Johnson (NYSE JNJ) current annual dividend of 1.50 to grow by 25% in one year

An equity analyst from Jefferies & Co expects Johnson & Johnson (NYSE JNJ) current annual dividend of 1.50 to grow by 25% in one year and by 15% for two years The then forecasts the initial nonlinear supernormal dividend growth rate of 15% to to a final and constant growth rate of over a 10-year period Company's 12% Which of the following is closest to the estimate of the terminal value at the end of year?

97.54

94.27

88.65

63.10

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