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Downward Corporation is expected to pay a dividend in year 1 of $1.5 and the dividends are expected to decline at a rate of 2%

Downward Corporation is expected to pay a dividend in year 1 of $1.5 and the dividends are

expected to decline at a rate of 2% per year. An appropriate required rate of return for the

stock is 8%. How much should the stock worth in year 0?

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