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A company currently pays no dividends. They will begin paying dividends in 2 years. dividend will first be $3.5, and are expected to grow at

A company currently pays no dividends. They will begin paying dividends in 2 years. dividend will first be $3.5, and are expected to grow at 8% for two years and then 2% after 2 years, forever. With a required return of 12% (discount rate), what would you be willing to pay for the stock today?

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