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DP Corporation just paid a dividend of $5.00. Their plan is to increase dividends by $1 per year for the next 3 years, and then

DP Corporation just paid a dividend of $5.00. Their plan is to increase dividends by $1 per year for the next 3 years, and then to grow dividends at 4% per year indefinitely. If their required return is 9%, what would you pay for a share of DP stock?

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