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Memphis Co stock will pay its next dividend of $3.32 exactly one year from now. After this first dividend, future dividends will grow at 2%

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Memphis Co stock will pay its next dividend of $3.32 exactly one year from now. After this first dividend, future dividends will grow at 2% for each of the subsequent 2 years and then 3% per year every year thereafter. If the discount rate is 8.2%, what is the intrinsic value of Memphis stock? Round your answer to the nearest penny

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