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Correct answer is highlighted please show all the steps on how you got to the final answer. SHOW ALL FORMULA. no excel explanation thanks 204.

image text in transcribedCorrect answer is highlighted please show all the steps on how you got to the final answer. SHOW ALL FORMULA. no excel explanation thanks

204. Banner Corporation will not pay dividends until year 3 , whereby it is expected to pay $5 in dividends. Dividends are then expected to grow at 20%,10% and 5% in years 4,5 and 6 . Afterwards, dividend growth will stabilize to 2% consistently. If the rate of retum is 10%

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