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5. (8 marks) XL Co.'s dividends are expected to grow at a 20% rate for the next 3 years, then at 10% for 3 years,

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5. (8 marks) XL Co.'s dividends are expected to grow at a 20% rate for the next 3 years, then at 10% for 3 years, and finally the growth rate is expected to fall off to a constant 6% thereafter. If the required return is 14% and the company just paid a $3.10 dividend, what is the current price

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