Harrison Clothiers’ stock currently sells for $20 a share. The stock just paid a dividend of $1.00 a share (i.e.,…

Harrison Clothiers’ stock currently sells for $20 a share. The stock just paid a dividend of $1.00 a share (i.e., D0=$1.00). The divided is expected to grow at a constant rate of 10 percent a year.

a.   What is the required rate of return on the company’s stock?

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