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IBMs current stock price is $134, and its last dividend was $6.70. In view of IBMs strong financial position and its consequent low risk, its

IBMs current stock price is $134, and its last dividend was $6.70. In view of IBMs strong financial position and its consequent low risk, its required rate of return is only 11 percent. If dividends are expected to grow at a constant rate, g, in the future, and if rs is expected to remain at 11 percent, what is IBMs expected stock price five years from now?

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