At the beginning of 2012 investors had invested $25,000 of common equity in Grant Corpand expect to earn a return of 11% per year. In addition, investors expect Grant Corp to pay out 100% of income in dividends each year. Forecasts of Grant's net income are as follows: 2012 - $3,500 2013 - $3,200 2014 - $2,900 2015 and beyond - $2,750 Using this information what is Grant's residual income
valuation at the beginning of 2012?
a. $25,000
b. $26,350
c. $26,151
d. $26,041
C
Value(2012) = $25,000 BV(2012)
$676 Residual Income-2012
$365 Residual Income-2013
$110 Residual Income-2014
$0 Residual Income-2015 & beyond
TOTAL $26,151
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