$2$ points

$($Show all your work$)$ Joe just bought stock in Clear Co$.$ and he estimates that there will be a dividend of $$4$ per share paid out at the end of the second year, and that the dividend will grow at a constant rate of $3$ percent per year. The required rate of return on the stock is $6$ percent. Use the discount dividend model to find the value of the stock four years from now.

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