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IBM currently pays a dividend of $0.55 per year, which is expected to grow at 7.5% for the next two years and at 13.5% for

IBM currently pays a dividend of $0.55 per year, which is expected to grow at 7.5% for the next two years and at 13.5% for the following four years and at 11.25% thereafter. What is the current value of IBM stock, if your required rate of return is 12%? Use the simple three stage model

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