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For the two-stage dividend growth model: P_t = D_t/R. R must be less than G_1 but greater than G_2. G_1 must be greater than G_2.

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For the two-stage dividend growth model: P_t = D_t/R. R must be less than G_1 but greater than G_2. G_1 must be greater than G_2. G_1 cannot be negative. G_1 can be greater than R

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