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3. (Non-constant Growth Stock Valuation) What is the maximum amount you are willing to pay for a share of a stock (i.e. What is the

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3. (Non-constant Growth Stock Valuation) What is the maximum amount you are willing to pay for a share of a stock (i.e. What is the minimum amount the holder of the stock is willing to sell a share of the stock) when dividends are expected to grow at a 25% rate for the coming three years, then grow at a constant rate of 5% afterwards. Assume that the stock's required return is 13% and next year's dividend will be $4.00

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