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3. Phoenix produces dividends in four consecutive years of 0.32, 0.62, 0.82, and 0.92 respectively. The dividend in year five is estimated to be 1.05

3. Phoenix produces dividends in four consecutive years of 0.32, 0.62, 0.82, and 0.92 respectively. The dividend in year five is estimated to be 1.05 and should grow in perpetuity at 3% thereafter. Given a discount rate of 10%, what is the price of the stock today?

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