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Investors believe that a certain stock will pay a $4 dividend next year. The market price of the stock is $66.67, and investors expect a 12 percent...
Investors believe that a certain stock will pay a $4 dividend next year. The market price of the stock is $66.67, and investors expect a 12 percent return on the stock. What long-run growth rate in dividends is consistent with th current price of the stock?