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8. [Ch 8] EJM Logistics just paid a $1.30 dividend. Current dividend policy calls for dividends to grow at a rate of 20.00% annually for

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8. [Ch 8] EJM Logistics just paid a $1.30 dividend. Current dividend policy calls for dividends to grow at a rate of 20.00% annually for the next 6 years. After that, analysts expect the dividend growth rate to drop to 5.00% and continue at that rate indefinitely. What is the most you should you pay per share to purchase this stock today at a required return of 9.75% ? (to nearest $0.01 )

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