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Nonconstant Dividends Bon Chance, Inc., has an odd dividend policy. The company has just paid a dividend of $3 per share and has announced that

Nonconstant Dividends Bon Chance, Inc., has an odd dividend policy. The company has just paid a dividend of $3 per share and has announced that it will increase the dividend by $5 per share for each of the next four years, and then never pay another dividend. If you require a return of 9.7 percent on the companys stock, how much will you pay for a share today?

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