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Ralph Ltd. is a young start-up firm. It intends not to pay dividend in the first 9 years of its operation. It will pay a

Ralph Ltd. is a young start-up firm. It intends not to pay dividend in the first 9 years of its operation. It will pay a dividend of GHC 10 in the tenth year and this is expected to grow at 5% thereafter forever. What is the price of the stock today?

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