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Non - constant growth problem: the expected dividends in years 1 , 2 and 3 are 3 , 4 and 5 . 5 0 .

Non-constant growth problem: the expected dividends in years 1,2 and 3 are 3,4 and 5.50. After that, it settles down to a constant growth rate of 6.5%. If you require a 7% return, what would you pay for the stock today? 

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