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Company A will not pay out any dividends for the next three years. At the end of Year 4, Company A will pay out $10

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Company A will not pay out any dividends for the next three years. At the end of Year 4, Company A will pay out $10 dividends. The amount of dividends will grow at a 6 percent rate, which will continue for the rest of the firm's life. Assume that rs =12%, what is the current price of company A's stock? (Round the answer to two decimal places.)

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