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Phil's Office Machines, Inc. is a new firm in a rapidly growing industry. The company is planning to increase its annual dividend by 1 9

Phil's Office Machines, Inc. is a new firm in a rapidly growing industry. The company is planning to increase its annual dividend by 19% a year for the next 4 years. At that point, it will lower the growth rate of its dividends to 3% per year. The company just paid its annual dividend in the amount of $3.30 per share. What is the current value of one share if the required rate of return is 8.8%?

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