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Exercise Bicycle Company is expected to pay a dividend of $3.60 in year 1 , a dividend of $4.30 in year 2, and a dividend
Exercise Bicycle Company is expected to pay a dividend of $3.60 in year 1 , a dividend of $4.30 in year 2, and a dividend of $4.80 in year 3. After year 3, dividends are expected to grow at the rate of 9% per year. An appropriate required return for the stock is 15%. The stock should be worth _______ today.
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