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Management of Cullumber, a biotech firm, forecasted the following growth rates for the next three years: 3 5 percent , 2 8 percent , and

Management of Cullumber, a biotech firm, forecasted the following growth rates for the next three years:
35
percent,
28
percent, and
22
percent. Management then expects the company to grow at a constant rate of
9
percent forever. The company paid a dividend of
$
1.50
last week. If the required rate of return is
17
percent, what is the value of this stock?

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