Reddick Enterprises' stock currently sells for $24.50 per share. The dividend is projected to increase at a constant rate of 5.50% per year. The required rate of return on the stock, rs, is 9.00%. What is the stock's expected price 3 years from today?
A. $31.65
B. $24.45
C. $28.77
D. $33.66
E. $26.76
Answer: C
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