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A company is a young start-up company. No dividends will be paid on the stock over the next 9 years, because the firm needs to
A company is a young start-up company. No dividends will be paid on the stock over the next 9 years, because the firm needs to plow back its earnings to fuel growth. The company will pay an $7 per share dividend in 10 years and will increase the dividend by 5 percent per year thereafter. If the required return on this stock is 13 percent, the current share price is $________(Round answer to 2 decimal place.)
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