Hardwoods, Inc.is a mature manufacturing firm.The company just paid a $10 dividend, but management expects to reduce the payout by 9 percent each year, indefinitely.How much are you willing to

Hardwoods, Inc.is a mature manufacturing firm.The company just paid a $10 dividend, but management expects to reduce the payout by 9 percent each year, indefinitely.How much are you willing to pay today per share to buy this stock if you require a 15 percent rate of return?
A)$34.79
B)$37.92
C)$38.27
D)$41.33
E)$42.09

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