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1. Nonconstant Growth/ Two Stage Model Firm X just paid an annual dividend of $2.35 per share. This dividend is expected to grow at a

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1. Nonconstant Growth/ Two Stage Model Firm X just paid an annual dividend of $2.35 per share. This dividend is expected to grow at a rate of 19% per year over the next three years and then slow to a rate of 4% per year from that point forward. The required return on firm X's shares is 8 percent. a. Draw a timeline of dividend stream b. Estimate the intrinsic value of firm X's shares today

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