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Analysts expect Marvin Inc. to pay dividends of $3 per share in year two and $3.8 per share in year three. The company then expects

Analysts expect Marvin Inc. to pay dividends of $3 per share in year two and $3.8 per share in year three. The company then expects its dividend to increase by 3% per year for two years (years 4 and 5). Thereafter, dividends will increase indefinitely by 5%. The required rate of return is 12%. What is the value of the stock today?

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