Question: please solve this problem without using Excel and show all steps. Question No.19 (5 points) Common stock A pays a dividend of 100 at the

please solve this problem without using Excel and show all steps.

Question No.19 (5 points) Common stock A pays a dividend of 100 at the end of the first year, with each subsequent annual dividend being 4% greater than the preceding one. Johnathan purchases the stock at a theoretical price P to earn an expected annual effective yield of 8%. Calculate P. A. 2100 B. 2200 C. 2300 D. 2400 E. 2500

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