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4. You are covering Integrated Technology Corp. stock, and have prepared the following estimates of the company's dividends over the next five years: Year 1:

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4. You are covering Integrated Technology Corp. stock, and have prepared the following estimates of the company's dividends over the next five years: Year 1: $0.95 Year 2: $1.25 Year 3: $1.50 Year 4: $1.72 Year 5: $1.92 After year 5, you expect dividends to grow at a constant rate of 6%. The required rate of return on equity is 10.3%. What is the value of the stock based on your estimates

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