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3) How much would you pay on a stock knowing that the first dividend will be 14 USD expected to grow at 5 percent and

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3) How much would you pay on a stock knowing that the first dividend will be 14 USD expected to grow at 5 percent and the next dividend will be paid four years from now expected to grow at 6 percent per year forever. Interest rate is 12 percent. (15 points)

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