Bechtel Machinery stock currently sells for $65 per share. The market requires a 14 percent return on the firm's stock. The company maintains a constant 8 percent growth rate in dividends. What was the most recent annual dividend per share paid on this stock?
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Stock Price = Next Div / Rate of Return - Growth Rate, or 65 = Next Div / 14% - 8%; and 65 = ND / 6%; so 65 x 6% = Next Div, and ND = 3.90. Most recent dividend x 1.08 = Next Div, so MRD = 3.90 / 1.08, or MRD = 3.61
