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A share just paid a dividend of $3. Projections indicate that the dividend will grow at an annual rate of 5 percent and that the

A share just paid a dividend of $3. Projections indicate that the dividend will grow at an annual rate of 5 percent and that the stock could be sold for $50 in 5 years' time. What maximum price would a potential investor pay to purchase the share if a return on investment of 15 percent is required

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