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Staton-Smith Software is a new start-up company and will not pay dividends for the first...

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Staton-Smith Software is a new start-up company and will not pay dividends for the first five years of operation. It will then institute an annual cash dividend policy of $3.75 with a constant growth rate of 3%, with the first dividend at the end of year six. The company will be in business for 25 years total. What is the stock's price if an investor wants a. a return of 12%? b. a return of 15%? c. a return of 25%? d. a return of 40%

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