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Gregor invests in the stock very risky, young technology companies and holds them for a long period of time. So, he is looking at Canoe,

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Gregor invests in the stock very risky, young technology companies and holds them for a long period of time. So, he is looking at Canoe, an electric vehicle company and potential competitor to Tesla. Canoe has little cash flow now and, therefore, no dividends. Gregor believes, though, that Canoe will "mature" in 15 years. This means they will begin paying an annual dividend, with a payment of $2.00 per share to be paid the following year, and that this dividend will grow at 3.0 percent per year, in perpetuity. The appropriate required return of a mature car company is 9.0 percent per year. If the price of Canoe is currently $11.00 per share, what annual return does Gregor expect to earn, per year, until Canoe matures

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