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Brandy Company has not paid dividends in the past. It is expected that Brandy will pay its first dividend three years from now in the

Brandy Company has not paid dividends in the past. It is expected that Brandy will pay its first dividend three years from now in the amount of $3.50. The dividends are expected to increase at an average rate of 7.5% for the foreseeable future after that. If cost of equity is 12.5%, what would be the current value of Brandys shares?

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