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City Garden Suppliers paid a $2 dividend yesterday. It is expected that the dividend will grow at 9 percent per year for 3 years, 8

City Garden Suppliers paid a $2 dividend yesterday. It is expected that the dividend will grow at 9 percent per year for 3 years, 8 percent per year for 10 years, and then at 5 percent per year thereafter. If the investors' expected rate of return is 11 percent, what is the stock worth today? Hint: Use the present value formula for a growing annuity: C1rg[1(1+g1+r)T] . (Do not round intermediate calculations. Round your answer to 2 decimal places.) Today stock is worth $

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