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A stock is expected to pay dividends of $15 per share one year from now, $20 per share two years from now, and $25 per

  1. A stock is expected to pay dividends of $15 per share one year from now, $20 per share two years from now, and $25 per share 3 years from now. From that time on, the growth rate of dividends will be 5% per year forever. If the market capitalization rate is 7%, what is the price per share today?

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