[单选题]

An analyst feels that Brown Company's earnings and dividends will grow at 25% for two years, after which growth will fall to a constant rate of 6%. If the projected discount rate is 10%, and Brown's most recently paid dividend was $1, the value of Brown's stock using the multistage dividend discount model is closest to:

A.$31.25.

B.$33.54.

C.$36.65.

参考答案与解析:

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