1- An analyst for Morpheus Co. estimates the following about a stock:

Dividend one period from now (D1)= $3.68

Dividends two periods from now (D2) = $4.32

Dividends three periods from now (D3) = $6.66.

The analyst also estimates that the stock price three years from now will be $59.93

Find the value of this stock today if the discount rate is 15%.

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