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37. (LO.723) Spinnaker Supplies Ltd. currently doesn't pay any dividends but is expected to start paying dividends in five years. The first dividend is expected

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37. (LO.723) Spinnaker Supplies Ltd. currently doesn't pay any dividends but is expected to start paying dividends in five years. The first dividend is expected to be $1.8o and is expected to grow at 4.5 percent thereafter. The required rate of return for the firm is 10.5 percent. What is Spinnaker's current stock price

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