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Apple has just paid a quarterly dividend of $ 3 . 1 . Dividends are expected to grow by 1 0 % per quarter for

Apple has just paid a quarterly dividend of $3.1. Dividends are expected to grow by 10% per quarter for the next 4 quarters, and then grow by 1.5% per quarter thereafter. Apple has a required quarterly return of 5%. What is the value of the stock now?

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