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Musica foods just paid a dividend of $ 1 . 2 0 a share. Management estimates the dividend will increase by 8 percent a year

Musica foods just paid a dividend of $1.20 a share. Management estimates the dividend will increase by 8 percent a year for the next five years. After that, the annual dividend growth rate is estimated at 3 percent. The required rate of return is 14 percent. What is the value of this stock today?

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