If a company's aim is to make its own and competing products obsolete and serve customers who want state-of-the-art products and services, it is using a value discipline called ________

The main purpose of a subordination clause is:

a. to convert a freehold to a leasehold estate b. to make one encumbrance to an inferior position to another encumbrance c. to convert a deed of trust to a mortgage d. to transfer a first mortgage to another party

Due to unfavorable economic conditions, EFB Company's earnings and dividends are expected to remain unchanged for the next 3 years. After 3 years, dividends are expected to grow at a 10% annual rate forever

The last dividend was $2, and the required rate of return is 20%. What should be the current market value of EFB stock? A) $13.46 B) $14.51 C) $15.22 D) $16.03 E) $16.95