Steve wants to purchase shares of Apple Inc. and hold these shares for five years. The...

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Steve wants to purchase shares of Apple Inc. and hold these shares for five years. The company has stated the following dividend policy: $5.00 annual cash dividend per share for the next five years. At the end of the five years, Steve will sell the stock. He believes that he will be able to sell the stock for $30.00. If Steve wants to earn 10% on this investment, what price should he pay for this stock? Steve wants to purchase shares of Apple Inc. and hold these shares for five years. The company has stated the following dividend policy: $5.00 annual cash dividend per share for the next five years. At the end of the five years, Steve will sell the stock. He believes that he will be able to sell the stock for $30.00. If Steve wants to earn 10% on this investment, what price should he pay for this stock?