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Ambika traders paid a dividend of $4, $6, and $8 consecutively for three years to the shareholders. Its dividend is expected to increase at 8%

Ambika traders paid a dividend of $4, $6, and $8 consecutively for three years to the shareholders. Its dividend is expected to increase at 8% per annum from the 4th year onwards. Given the required rate of return at 12% per annum, calculate the present fair value of the stock.  

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