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Problem 8-24 Dividend Initiation and Stock Value (LG8-6) A firm does not pay a dividend. It is expected to pay its first dividend of $0.51

Problem 8-24 Dividend Initiation and Stock Value (LG8-6) A firm does not pay a dividend. It is expected to pay its first dividend of $0.51 per share in two years. This dividend will grow at 13 percent indefinitely. Use a 14.5 percent discount rate.

Compute the value of this stock

Stock Value $______ Round to two decimal places

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