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Assume Stanton Corporation will pay an annual dividend of $ 3 . 2 8 one year from now. Analysts expect this dividend to grow at

Assume Stanton Corporation will pay an annual dividend of $3.28 one year from now. Analysts expect this dividend to grow at 16% p.a. thereafter until the third year. After then, growth will level off at 3.7% p.a.. The firms equity cost of capital is 9.8% p.a.. What is the intrinsic value of Stanton Corporation? All of these rates are compounded annually. (Round your answer in dollars to 2 decimal places, e.g. put 1204.42 if your answer is 1204.4243.)

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