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5. Adidas is a leading global manufacturer of athletic equipment and apparel. The company is expecting a dividend of $10.50, next year. Management projects the

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5. Adidas is a leading global manufacturer of athletic equipment and apparel. The company is expecting a dividend of $10.50, next year. Management projects the dividend payout to be reduced by 5% per year into the future. If Adidas requires a return of 8% on its stock, what will an investor pay for a share today? (40 POINTS)

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