NoGrowth Industries presently pays an annual dividend of $1.20 per share and it is expected that these dividend payments will continue indefinitely. If NoGrowth's equity cost of capital is 10%, then the value of a share of NoGrowth's stock is closest to ________.
A) $9.60
B) $14.40
C) $13.20
D) $12.00
Correct Answer:
Verified
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