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Calculate P3 for the common stock of Ace Manufacturing Corporation according to Gordon's Model. Suppose the common stock of Ace Manufacturing currently sells for $35.50

Calculate P3 for the common stock of Ace Manufacturing Corporation according to Gordon's Model. Suppose the common stock of Ace Manufacturing currently sells for $35.50 per share. The last annual dividend of $2.50 is projected to grow by 3% next year and every year thereafter. Investors in this common stock expect a return of Ri = 6%. What is the stock's expected price 3 years from today?

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