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A firm expects to have the following dividends over the next four years: Year Dividend 1 $ 1 . 2 5 2 $ 1 .

A firm expects to have the following dividends over the next four years:
Year Dividend
1 $1.25
2 $1.75
3 $2.35
4 $3.00
After year 4, dividends are expected to grow at a rate of 4.6%/year. If the required return on the stock is 10%/year, what is the current share price, P0?
Express your answer in dollars and cents.

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