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1) Suppose that we expect IBM will pay $8 per share as dividends in 4 years, and the dividends afterward are able to grow at
1) Suppose that we expect IBM will pay $8 per share as dividends in 4 years, and the dividends afterward are able to grow at 10%. The required rate of return on equity is 14%. What is the price that we expected in 3 years?
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