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Martin's Inc. is expected to pay annual dividends of $ 3 .50 a share for the next three years. After that, dividends are expected to

Martin's Inc. is expected to pay annual dividends of $3.50 a share for the next three years. After that, dividends are expected to increase by 5% annually. What is the current value of this stock to you if you require a 12% rate of return on this investment? (Multi-stage model)

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