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Mountain Top Nursery is a relatively young firm which just paid its first annual dividend of $0.30 a share. Management projects dividend increases of 15

Mountain Top Nursery is a relatively young firm which just paid its first annual dividend of $0.30 a share. Management projects dividend increases of 15 percent per year for five years followed by a constant growth rate of 3.0 percent annually. What is this stock worth today if the applicable discount rate is 12.5 percent?

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