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Firm B just paid a dividend of $1.6. The dividend will grow by 3% for one year and 5% for another three years. After that,

Firm B just paid a dividend of $1.6. The dividend will grow by 3% for one year and 5% for another three years. After that, the dividend growth rate will increase to 10% and last forever. How much would you like to pay for this stock if your required rate of return is 12%?

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