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A firm has required return of 18% and expects to pay dividends of $9.50 per share next year. The dividend will remain for three years.

A firm has required return of 18% and expects to pay dividends of $9.50 per share next year. The dividend will remain for three years. After year 3 dividends will increase by 12% per year for two years, followed by dividend growth of 7% per year thereafter. What should the current stock price be?

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