CX Enterprises has the following expected dividends: $1.14 in one year, $1.21 in two years, and $1.2 in three years. After that, its dividends are expected to grow at 4.3% per year forever (so that year 4's dividend will be 4.3% more than $1.29 and so on). If CX's equity cost of capital is 12.2%, what is the current price of its stock?

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Part 1

The price of the stock will be

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