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Delay Corp. does not currently pay any dividends. The CFO declared that the firm will pay its first annual dividend of $10 per share in

Delay Corp. does not currently pay any dividends. The CFO declared that the firm will pay its first annual dividend of $10 per share in 3 years. From there, the firm will grow its annual dividends at 2% per year. If the fair cost of equity for Delay Corp. is 12% per year, what is the fair share price?

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