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Etisalat, a telecommunications company, is evaluating its dividend policy. The company paid a dividend of AED 2 per share last year, and its dividends are

Etisalat, a telecommunications company, is evaluating its dividend policy. The company paid a dividend of AED 2 per share last year, and its dividends are expected to grow at a constant rate of 5% per year indefinitely. If the required rate of return for Etisalat's investors is 10%, calculate the intrinsic value of Etisalat's stock using the Dividend Discount Model (DDM).

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