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Kroger Inc. paid a \$3 dividend on December 31, 2020. Kroger dividends are expected to grow at a rate of 12% per year in the next five years; then it is expected to decline from 12% to 3% over the next 5 years; from year 10 to 11 and after that, Kroger's dividends will grow at a perpetual rate of 3%. Kroger's cost of equity is 7%. Use the variable growth dividend discount model to estimate the fair value of Kroger stock based on the expectations above? HINT: Decline in growth from year 5 to 10 is monotonic; the growth drops to 3% in year 10. 142.1695.1336.50131.63