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Question Five Delphi Products Corporation currently pays a dividend of $ 2 per share, and this dividiand is expected to grow at a 1 5

Question Five
Delphi Products Corporation currently pays a dividend of $2 per share, and this dividiand
is expected to grow at a 15 percent annual rate for three years, and
after which it is expected to grow at a 5 percent rate forever.
What value would you place on the stock if an 18 percent rate of return was required?
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