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Company B just paid a $4.20 dividend. Current dividend policy calls for dividends to grow at a rate of 12.00 percent annually for the next

Company B just paid a $4.20 dividend. Current dividend policy calls for dividends to grow at a rate of 12.00 percent annually for the next five years. After that, analysts expect the dividend growth rate to drop to 4.50% and continue at that rate indefinitely. How much should you pay per share to purchase this stock today at a required return of 9.75 percent?

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