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A stock will pay a dividend of $1.50 next year and $0.70 two years from now. Every year after that, the dividend will grow at

A stock will pay a dividend of $1.50 next year and $0.70 two years from now. Every year after that, the dividend will grow at a constant rate of 4.80%, indefinitely. If the stock's required rate of return is 6.90%, what is the fair price of the stock according to a dividend discounting model

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