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Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to
Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 20% for the next 4 years, after which company expects to earn constant earnings and pay same fixed dividends. The company's current dividend is $2.25, and its required rate of return is 8.6%. What is the current stock price?
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