Question: QUESTION 13 Echo Tech. announced today that it is changing is dividend policy in an effort to reinvest in itself. The firm just paid a

QUESTION 13 Echo Tech. announced today that it is changing is dividend policy in an effort to reinvest in itself. The firm just paid a $3.00 dividend, which is expected to decline by 10% next year and decline another 20% two years from today. The dividend is then expected to grow at a constant 5% rate thereafter. Find the value of the stock today if investors require a 15% rate of return. Round intermediate steps to four decimals. 21.13 O 37.30 18.89 14.91

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