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6. A stock is expected to pay dividends in 10 periods. The first dividend will be $2.40 and subsequent dividends are forecasted to stay constant

6. A stock is expected to pay dividends in 10 periods. The first dividend will be $2.40 and subsequent dividends are forecasted to stay constant for the foreseeable future. If the required return on the stock is 11.0%, what is its current value? The answer should be 8.53

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