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A stock has a current dividend of 5.2, which is expected to increase to 5.8 in 2022 and 6.5 the year after. From 2024 and

A stock has a current dividend of 5.2, which is expected to increase to 5.8 in 2022 and 6.5 the year after. From 2024 and onward the dividend is expected to grow by 5% a year. The riskfree rate is 4% and the market excess return is expected to be 7%. The beta of this stock is .9. Using the two stage model what is the intrinsic value of the stock?

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