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13. C&P Trading Inc. will pay a dividend for the first time at the end of 2016. It projects the following dividend per share: 2016

13. C&P Trading Inc. will pay a dividend for the first time at the end of 2016. It projects the following dividend per share: 2016 $1.60 2017 $2.50 2018 $2.80 Beginning with 2016 dividends will grow at 5% per year. The required rate of return is 10%. What is intrinsic value of C&P Trading shares

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