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Carter Communications does not currently pay a dividend. You expect the company to begin paying a dividend of $3.00 per share in 12 years, and
Carter Communications does not currently pay a dividend. You expect the company to begin paying a dividend of $3.00 per share in 12 years, and you expect dividends to grow perpetually at 4 percent per year thereafter. If the discount rate is 12 percent, how much is the stock currently worth? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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