Mature manufacturing firm-reduce the payout

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Reference no: EM131304736

Antiques R Us is a mature manufacturing firm. The company just paid a dividend of $9.65, but management expects to reduce the payout by 4 percent per year indefinitely. If you require a return of 12 percent on this stock, what will you pay for a share today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Reference no: EM131304736

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