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A firms dividends are expected to grow 20 percent a year for the next five years and then trend downward by 3 percentage points per

A firms dividends are expected to grow 20 percent a year for the next five years and then trend downward by 3 percentage points per year until they stabilize at a constant growth rate of 5 percent. The current dividend is $0.80 a share and the stocks required rate of return is 13 percent. What should its current price be? If these growth expectations come to pass, what will its price be four years from now? Eight years from now?

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