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New Gadgets, Inc., currently pays no dividend but is expected to pay its first annual dividend of $4.50 per share exactly 5 years from today.

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New Gadgets, Inc., currently pays no dividend but is expected to pay its first annual dividend of $4.50 per share exactly 5 years from today. After that, the dividends are expected to grow at 2.7 percent forever. If the required return is 10.5 percent, what is the price of the stock today

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