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A stock is expected to pay a $3 dividend next year (year 1). This dividend will grow at 4 percent a year through year 4.

A stock is expected to pay a $3 dividend next year (year 1). This dividend will grow at 4 percent a year through year 4. It will then grow at 3 percent in year 5, 6, after which it will grow at 0.5 percent annually forever. Find the stock price today if investors require an 8 percent return on the stock

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