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Benton Inc. currently pays a $ 1 . 0 0 annual dividend. Investors believe that dividends will grow at 1 5 % next year, 1

Benton Inc. currently pays a $

1.00

annual dividend. Investors believe that dividends will grow at

15 %

next year,

10 %

annually for the two years after that, and

5 %

annually thereafter. Assume the required rate of return is

10 % .

What is the current market price of the stock?

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