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A stock expects to pay dividends at the end of each of the next four years of $ 3 . 0 0 , $ 4

A stock expects to pay dividends at the end of each of the next four years of $3.00, $4.50, $3.50, and $1.50. After the fourth year, the dividends are expected to be $5.00 each year forever. James plans to buy the stock today and sell it at the end of year 22. Henry plans to buy the stock today and sell it at the end of year 39. If James and Henry both demand 14% required rate of returns, the price James is willing to pay for the stock today is _____ the price Henry is willing to pay for the stock today.
higher, lower or same

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