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A stock has paid a constant annual dividend of 1 . 9 5 a share in the past. It will increase it by 5 %

A stock has paid a constant annual dividend of 1.95 a share in the past. It will increase it by 5% next year and will keep it at that level through year 3 after which dividends will increase by 2% a year. If the required return on the stock is 14%, what is the current value of the stock? ANSWER USING ONLY EXCEL FORMULAS

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