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(3) a firm has just declared that its dividend next year will be $3 per share. That rate of payment will continue for an additional

(3) a firm has just declared that its dividend next year will be $3 per share. That rate of payment will continue for an additional four years, after which the dividends will fall back to their usual $2 per share. The discount rate is 12 percent. What is the present value of all the future dividends?

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