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A firm has just declared that its dividend next year will be $3.60 per share. That rate of payment will continue for an additional 4

A firm has just declared that its dividend next year will be $3.60 per share. That rate of payment will continue for an additional 4 years, after which the dividends will fall back to their usual $2.60 per share. The discount rate is 8 percent. What is the present value of all the future dividends?

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