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Company A just paid a dividend of $2.45 per share. The company will increase its dividend by 20% next year and will then reduce its

Company A just paid a dividend of $2.45 per share. The company will increase its dividend by 20% next year and will then reduce its dividend growth rate by 5 percentage points per year until it reaches the industry average of 5% dividend growth, after which the company will keep a constant growth rate for ever. If the required rate of return on the company stock is 11%, what will a share of stock sell today?

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