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Apple has just paid a quarterly dividend of $3.84. Dividends are expected to grow by 10% for the next 4 quarters, and then grow by

Apple has just paid a quarterly dividend of $3.84. Dividends are expected to grow by 10% for the next 4 quarters, and then grow by 1.2% thereafter. Apple has a required quarterly return of 5%.

a. What is the intrinsic value of the stock now?

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