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Phoenix produces dividends in 3 consecutive years of 0.00, 0.31, and 0.65, respectively. The dividend in Year 4 is estimated to be 0.67 and

Phoenix produces dividends in 3 consecutive years of 0.00, 0.31, and 0.65, respectively. The dividend in Year 4 is estimated to be 0.67 and should grow in perpetuity at 4%. Given a discount rate of 10%, what is the price of the stock?

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