AAA inc. plans to pay no dividends for the first 4 years, then pay fixed dividends of $10 per share for 11 years from t=5 till t=15 (inclusive), after which dividends are expected to grow at a constant rate of 3% per year forever (i.e. the dividend at t=16 will be $10.30, at t=17 it will be $10.609, etc.). The required rate of return on AAA equity is 13%

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