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General Importers announced that it will pay a dividend of $3.95 per share one year from today. After that, the company expects a slowdown in


General Importers announced that it will pay a dividend of $3.95 per share one year from today. After that, the company expects a slowdown in its business and will not pay a dividend for the next 7 years. Then, 9 years from today, the company will begin paying an annual dividend of $2.05 forever. The required return is 12 percent. What is the price of the stock today?

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