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Microsoft just paid an annual dividend of $2. Analysts expect that the company will increase dividends at a rate of 13% per year during the

Microsoft just paid an annual dividend of $2. Analysts expect that the company will

increase dividends at a rate of 13% per year during the next three years, and then increase

at a constant rate of 4% forever. If the discount rate of Microsoft is 15%, what is the

current price of the stock?

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