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ABC corporation has announced that it will pay a 3$ dividend 1 year from now. Investors expect that the growth rate of the dividends will

ABC corporation has announced that it will pay a 3$ dividend 1 year from now. Investors expect that the growth rate of the dividends will be constant 5% from then on. If the required rate of return on the stock is 15%, what is the price of the stock today?

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