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Alphabet Inc. is valuing its stock using the dividend discount model (DDM). The company is expected to pay dividends of $4 per share next year,

Alphabet Inc. is valuing its stock using the dividend discount model (DDM). The company is expected to pay dividends of $4 per share next year, and dividends are expected to grow at a rate of 5% per year indefinitely. If the required rate of return for Alphabet's stock is 10%, calculate the value of Alphabet's stock using the DDM.

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