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A company is not expected to pay a dividend for the next four years. At t = 5, it is expected to pay a dividend

A company is not expected to pay a dividend for the next four years. At t = 5, it is expected to pay a dividend of $1.00. The dividend is then expected to grow at 20% for two years before settling down to a long run sustainable growth rate of 4%. If investors require a return of 14% to hold the stock, what price should the stock sell for?

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