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A fast - growing firm recently paid a dividend of $ 0 . 2 0 per share. The dividend is expected to increase at a

A fast-growing firm recently paid a dividend of $0.20 per share. The dividend is expected to increase at a 20 percent rate for the next three years. Afterwards, a more stable 10 percent growth rate can be assumed.
If an 11 percent discount rate is appropriate for this stock, what is its value today?

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