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A company paid a dividend of $0.40 this year. Next year's dividend is expected to increase by 3%. Then, the dividend will increase by 2%

A company paid a dividend of $0.40 this year. Next year's dividend is expected to increase by 3%. Then, the dividend will increase by 2% p.a indefinitely. If the required return is 8%, what is fair value for the share today?

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