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Dividends of Pioneer Natural Resources Co . are expected to grow at a rate of 2 0 percent for the next four years, with the

Dividends of Pioneer Natural Resources Co. are expected to grow at a rate of 20 percent for the next four years, with the growth rate falling off to a constant 6 percent thereafter forever. Suppose the required rate of return is 11 percent, and the company just paid a dividend of $1.20 per share. What is the current share price?

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