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Carl Patterson likes investing in stocks that pay dividends. Carl owns 120 shares of a local utility company. The stock pays a regular annual dividend in the amount of $5.50 per share and the company has indicated that the dividend will stay the same for a long time. If Carl reinvests his dividends each year and the dividends earn a return of 7 percent each year, how much will Carl accumulate in 14 years? Use Exhibit 1-B. (Round time value factor to 3 decimal places and final answer to 2 decimal places.)

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Financial Management, Finance

Category:- Financial Management
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