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ABC Corporation is expecting their sales to decline

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ABC Corporation is expecting their sales to decline. Thus, the company has announced that they will be reducing their annual dividend by 4% a year for the next four years. After that, they will maintain a constant dividend of $1 a share. Last year, the company paid $1.80 per share. What is this stock worth to you if you require a 12% rate of return? $10.27 $9.29 $13.10 $11.30 $12.07