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Carter Communications does not currently pay a dividend. You expect the company to begin paying a dividend of $2.00 per share in 12 years, and

Carter Communications does not currently pay a dividend. You expect the company to begin paying a dividend of $2.00 per share in 12 years, and you expect dividends to grow perpetually at 3 percent per year thereafter. If the discount rate is 11 percent, how much is the stock currently worth?

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