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Assume that D 0 , which was just paid, = $ 1 . 0 0 , D 1 = $ 1 . 2 0 ,

Assume that D0, which was just paid, = $1.00, D1= $1.20, D2== $1.40, D3= $1.55, D4= $2.00, D5= $2.13, D6= $2.27, and P3= $169. If the required return is 8.6%, then, based on this information and security valuation concepts, what should be the stock's expected value (price) today, (i.e.. P0)? I encourage you to draw a time line clearly indicating the situation. (Notation: Dt is Dividend at end of period t, Pt is expected price at end of period t.) Answer to 2 decimal places.

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