Value of Future Cash Flows A firm recently paid a $0.45 annual divi- dend. The dividend is

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Value of Future Cash Flows A firm recently paid a $0.45 annual divi- dend. The dividend is expected to increase by 10 percent in each of the next four years. In the fourth year, the stock price is expected to be $80. If the required return for this stock is 13.5 percent, what is its value? (LG5)

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