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HSG expects to pay no dividends at the end of years 1-4. At the end of year 5, it expects to pay a dividend of

HSG expects to pay no dividends at the end of years 1-4. At the end of year 5, it expects to pay a dividend of $3.25 per share and anticipates that the dividend will grow by 1.5% each year thereafter. Estimate HSG's current stock price if its equity cost of capital is 6%.

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