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BLT Ltd last paid a dividend of $ 0 . 2 0 three years ago. Today the company announced they will resume paying dividends. The

BLT Ltd last paid a dividend of $0.20 three years ago. Today the company announced they will resume paying dividends. The planned dividends are $0.50 in one years time, $0.60 in two years time, and thereafter dividends will increase by a constant rate of 3% p.a. indefinitely. If the required return for BLT is 12%, what is a fair price for one share today?

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