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Problem 8-23 Dividend Initiation and Stock Value (LG8-6) A firm does not pay a dividend. It is expected to pay its first dividend of $0.12

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Problem 8-23 Dividend Initiation and Stock Value (LG8-6) A firm does not pay a dividend. It is expected to pay its first dividend of $0.12 per share in three years. This dividend will grow at 9 percent indefinitely. Use a 10 percent discount rate. Compute the value of this stock. (Round your answer to 2 decimal places.)

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