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A firm plans to start paying a $1 dividend forever three years from today. Required return is 20%. What is its price? Can someone please

A firm plans to start paying a $1 dividend forever three years from today. Required return is 20%. What is its price? Can someone please explain to me why the answer is $3.47?
A firm plans to start paying a $1 dividend forever three years from today. Required return is 20%, what is its price? $2.89 $3.47 $4.17 $5.00

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