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Procter & Gamble will pay an annual dividend of $4 one year from now. Analysts expect this dividend to grow at 8% per year thereafter

Procter & Gamble will pay an annual dividend of $4 one year from now. Analysts expect this dividend to grow at 8% per year thereafter until the fifth year. After then, growth will level off at 1% per year. What is the value of a share of Procter & Gamble stock if the firms equity cost of capital is 12%?

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