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McCluskey Systems, a new technology company, is using all its available cash to expand its business and is not paying dividends. McCluskey plans to begin

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McCluskey Systems, a new technology company, is using all its available cash to expand its business and is not paying dividends. McCluskey plans to begin paying a $4.75 dividend per share in four years. Dividends are expected to grow at 7%. The required rate of return on stocks with similar risk is 15%. What is the current value of the stock? Round to two decimals. Answer: 39.04

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