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Calculate x for the stock

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Problem 1: The stock of a company sells for 75 per share assuming an annual effective interest rate of 11%. Annual dividends will be paid at the end of each year forever. The first dividend is X, with each subsequent dividend 3% greater than the previous year's dividend. Calculate X.

A. 4

B. 5

C. 6

D. 7

E. 8

Reference no: EM132769262

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