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Pera Inc. does not currently pay dividends. The company will start with an annual dividend of $12 at the end of year 3 and will

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Pera Inc. does not currently pay dividends. The company will start with an annual dividend of $12 at the end of year 3 and will pay the same amount each year until year 9. Thereafter, it will increase the dividends by 4 % per year forever. If the required rate of return on this stock is 8%, what is the price of this stock today

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