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16. Todd Mountain Development Corporation is expected to pay a dividend of $3 in the upcoming year (D1). Dividends are expected to grow at the

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16. Todd Mountain Development Corporation is expected to pay a dividend of $3 in the upcoming year (D1). Dividends are expected to grow at the rate of 11% per year. The required rate of return is 16%. Using the constant-growth dividend discount model (DDM), the intrinsic value of the stock is

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