The last dividend paid by Coppard Inc. was $1.25. The dividend growth rate is expected to be constant at 15% for 3 years, after which dividends are expected to grow at a rate of 6% forever. If the firm's required return (rs) is 11%, what is its current stock price?
A. $30.57
B. $31.52
C. $32.49
D. $33.50
E. $34.50
Answer: D
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