Solved: How much pay to purchase each share of stock, Finance Basics

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How much pay to purchase each share of stock

Question:

Michelak's Maritime Industries has relatively stable earnings and pays an annual dividend of $2.50 per share. This dividend has remained constant over the past few years and is expected to remain constant for some time to come. If you want to earn 12% on an investment in the common stock of Michelak's, how much should you pay to purchase each share of stock?

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Finance Basics: How much pay to purchase each share of stock

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