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A stock just paid an annual dividend of $6.9. The dividend is expected to grow by 3% per year for the next 4 years. In

A stock just paid an annual dividend of $6.9. The dividend is expected to grow by 3% per year for the next 4 years. In 4 years, the P/E ratio is expected to be 25 and the payout ratio to be 60%.

The required rate of return is 8%.

What is the intrinsic value of the stock?

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