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Creed Inc. has just paid a dividend of $5 on its stock. The growth rate in dividends is expected to remain constant at 8% per

Creed Inc. has just paid a dividend of $5 on its stock. The growth rate in dividends is expected to remain constant at 8% per year, forever. Investors require an 18% return on the stocks for the next three years, a 15% return for the following two years and 20% thereafter. What is the current stock value?

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