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A company expects to pay dividends of 10 cents per share next year. The company plans to pay dividends of 50 cents per share in

A company expects to pay dividends of 10 cents per share next year. The company plans to pay dividends of 50 cents per share in two years, 75 cents in three years, then $1 per share in four years. After that, dividends are expected to increase by 2% each year. If the interest rate is 8%, what is the price of this stock?

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