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Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not poy dividends. However, investors expect Computech to

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Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not poy dividends. However, investors expect Computech to begin parying dividends, beginning with a dividend of $1.00 coming 3 years from today. The dividend should grow rapidly - at a rate of 1796 per year - during Years 4 and 5, but after Year 5, growth should be a constant 5% per year. If the required returp on Computech is 16%, what is the value of the stock todey? Do not round intermediate calculations. Round your answer to the nearest cent. s

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