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Morant Bay Ltd. Common stock currently pays an annual dividend of $3.60. The required return on the common stock is 6%. Dividend is expected to

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Morant Bay Ltd. Common stock currently pays an annual dividend of $3.60. The required return on the common stock is 6%. Dividend is expected to grow at an annual rate of 7% for each of the next 3 years followed by a constant annual growth of 5% in year 4 . Calculate the current market price of the common stock. ( 8 marks)

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