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QUESTION 9 A company just paid a dividend of $1.20 per share. You expect the dividend to grow 11% over the next year and 8%

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QUESTION 9 A company just paid a dividend of $1.20 per share. You expect the dividend to grow 11% over the next year and 8% two years from now. After two years, you have estimated that the dividend will continue to grow indefinitely at the rate of 5per year. If the required rate of return is 9% per year, what would be a fair price for this stock today? (Answer to the nearest penny.)

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