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PCS just paid a $ 3 dividend. Expected annual dividend growth is 3 % per year from Years 1 to 3 ; 4 % per

PCS just paid a $3 dividend. Expected annual dividend growth is 3% per year from Years 1 to 3; 4% per
year from Years 4 to 6 and 6% constant dividend. The required rate of return is 12%. What is the current
share price of PCS?

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