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A stock will pay dividends of $ 3 , $ 5 , and $ 1 0 over the next three years, and then increase dividends

A stock will pay dividends of $

3,

5,

and $

10

over the next three years, and then increase dividends at a rate of

7 %

afterwards. Its required rate of return is

20 % .

What is the value of the stock?

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