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Davenport corporations last dividend was 700 and the

Davenport Corporation's last dividend was $7.00 and the directors expect to maintain the historic 3 percent annual rate of growth. You plan to purchase the stock today because you feel that the growth rate will increase to 5 percent for the next three years and the stock will then reach $63 per share.

How much should you be willing to pay for the stock if you require a 17 percent return?

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Finance Basics: Davenport corporations last dividend was 700 and the

Reference No:- TGS01610637

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