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EXAMPLE A company just paid a $ 1 . 0 0 dividend, and it is expected to grow at 1 0 % for the next

EXAMPLE
A company just paid a $1.00 dividend, and it is expected to grow at 10% for the next 3 years. After
3 years the dividend is expected to grow at the rate of 4% indefinitely. If the required return is
9%, what is the stock's value today?
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