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Costco has just paid an annual dividend of $3.19. Dividends are expected to grow by 7% for the next 4 years and then grow by

Costco has just paid an annual dividend of $3.19. Dividends are expected to grow by 7% for the next 4 years and then grow by 3% thereafter. Costco has a required return of 12%.

1. What is the expected dividend in four years?

2. What is the terminal value in four years (P4)?

3. What is the value of the stock now?

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