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Apple Inc. pays quarterly dividends. The next dividend will be paid 2 months from now. The last dividend was paid 1 month ago and the

Apple Inc. pays quarterly dividends. The next dividend will be paid 2 months from now. The last dividend was paid 1 month ago and the amount was $0.73 per share. Suppose the consensus belief is that the dividend will be growing at a rate of 1% per dividend. If we assume an annual discount rate of 6% (expressed as EAR), what is the fair value of Apple's stock?


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