Question: if a system is expected to pay its first dividend of next year of $4.00 and then pay $4.50 the following year, and then pay

if a system is expected to pay its first dividend of next year of $4.00 and then pay $4.50 the following year, and then pay $5.00 the year after that, and then grow at a constant annual rate of 4%, what will a share of the system be worth today if the discount rate is 6%?

a) $132.54

b) $271.61

c) $98.78

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