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ECC Corp will pay annual dividends of $20 per share for the next 5 years. At the end of year 6, ECC will increase the

ECC Corp will pay annual dividends of $20 per share for the next 5 years. At the end of year 6, ECC will increase the dividends by 1% per year forever. The required rate of return on this stock is 6 percent.

What is the price of the stock today?

Please show actual calculations and work not just an excel sheet.

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