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4. (1.5 points) A firm does not pay any dividend right now. It is expected to pay its first dividend of $0.5 per share in

4. (1.5 points) A firm does not pay any dividend right now. It is expected to pay its first dividend of $0.5 per share in two years. This dividend will grow at 10 percent indefinitely. Using a discount rate of 13 percent, compute the value of this stock (at time 0).

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