PV of Dividends

PV of dividends: Cortez, Inc., is expecting to pay out a dividend of \$2.50 next year. After that it expects its dividend to grow at 7 percent for the next four years. What is the present value of dividends over the next five-year period if the required rate of return is 10 percent? \$11.88 \$11.50 \$10.76 \$9.80

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