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A stock is expected to pay its first annual dividend in 3 years. The dividend is expected to stay constant at $1.7 per year for

A stock is expected to pay its first annual dividend in 3 years. The dividend is expected to stay constant at $1.7 per year for 21 years and then grow at 5% annually forever. The required rate of return is 13%.

What should be the stock price now?

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