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Lets assume that Company As dividends grew 18.4% each year for four years beginning in 2009, after which the growth rate declined linearly for an

Lets assume that Company As dividends grew 18.4% each year for four years beginning in 2009, after which the growth rate declined linearly for an additional three years before stabilizing at 7.2% in 2017. The expected rate of return is assumed to 10% and the current dividend in 2009 is $2.28 What is Company As intrinsic value?

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