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23.28 still wrong answer Nonconstant Dividend Growth Valuation A company currently pays a dividend of $1.4 per share ( D0=$1.4). It is estimated that the

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Nonconstant Dividend Growth Valuation A company currently pays a dividend of $1.4 per share ( D0=$1.4). It is estimated that the company's dividend will grow at a rate of 15% per year for the next 2 years, and then at a constant rate of 6% thereafter. The company's stock has a beta of 1.2 , the risk-free rate is 7%, and the market risk premium is 4%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent. $

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