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Imagine a share of stock. You expect it to pay $1.20/share dividend for each of the next 3 years. Then you expect a $1.50 dividend.

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Imagine a share of stock. You expect it to pay $1.20/share dividend for each of the next 3 years. Then you expect a $1.50 dividend. After that, you expect the dividend to grow 2%/year forever. The company's shareholders expect a 9% return on investments of this risk. The company's WACC is 6.5%. What is the best estimate of each share's value

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