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If IBM is expected to pay a $12 divident next period and dividends are expected to grow at at 5 percent annually for the next

If IBM is expected to pay a $12 divident next period and dividends are expected to grow at at 5 percent annually for the next two years and then fall to a constant 3 percent annual growth rate, what shoudl be the price of this stock today if investors require a 12 percent rate of return?

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