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Marcel Co. is growing quickly. Dividends are expected to grow at a 22 percent rate for the next 3 years, with the growth rate reducing

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Marcel Co. is growing quickly. Dividends are expected to grow at a 22 percent rate for the next 3 years, with the growth rate reducing to only a constant 7 percent thereafter. Required: If the required return is 15 percent and the company just paid a $3.60 dividend, what is the current share price? Note. Since the dividend at time 0 of $3.60 has just been paid. do not include it in the price at time 0. (Do not round your intermediate calculations.)

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