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A stock is expected to pay $6 of dividends at the end of year 1, $7 at the end of year 2, and $8 at
A stock is expected to pay $6 of dividends at the end of year 1, $7 at the end of year 2, and $8 at the end of year 3. In the years to follow, dividends are expected to grow at a rate of 3% per year forever. The appropriate discount rate is 15. 5%. What should the stock price be today? Keep four decimal places.
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