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Drake Shipping is expected to pay the following dividends over the next four years: Year 1: $1.50 Year 2: $4.30 Year 3: $2.40 Year 4:

Drake Shipping is expected to pay the following dividends over the next four years:

Year 1: $1.50

Year 2: $4.30

Year 3: $2.40

Year 4: $1.40.

Afterward, the company will target a 7 percent growth rate in dividends. If the required return on the stock is 14 percent, what is the current share price?

$

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