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Hotels' stock has a required return of 11%. The stock currently does not pay a dividend but it expects to begin paying a dividend of
Hotels' stock has a required return of 11%. The stock currently does not pay a dividend but it expects to begin paying a dividend of $1.00 per share starting five years from today. Once established, the dividend is expected to grow by 25% per year for two years, after which time it is expected to grow at a constant rate of 10% per year. What should be Holmgren's stock price today
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