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Last year, Palm Trees Inc. paid a $0. 75 dividend per common share. Analysts have stated that they expect these dividends to grow at an average annual rate of 3% for the foreseeable future. The required rate of return on these common shares is 15%. Given this information, what is the current price of Palm Tree's common shares?
A. $4. 29
B. $5. 00
C. $6. 25
D. $6. 44