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Kumba Iron Ore Ltd's most recent dividend was R9.60 per share. Assuming a high growth rate for the next three years at 13% per year

Kumba Iron Ore Ltd's most recent dividend was R9.60 per share.Assuming a high growth rate for the next three years at 13% per year and a stable growth of 5% per year thereafter (ad infinitum), calculate the company's fair value. Assume the shareholders' required rate of return is 11%.

Fair value:R_______

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