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Common stock has just paid a dividend of $ 2 . 3 6 / share . The dividend is expected to grow at a constant

Common stock has just paid a dividend of $2.36/share. The dividend is expected to grow at a constant rate of 3.62% per year for the next twenty years. As of the end of year twenty dividend will stay at the same level as the year twenty dividend in perpetuity. The Required Rate of Return on the stock is 12%. What should be the market price of the stock?

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