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Rankine Ltd has just paid a $0.90 annual dividend. The required return on Rankines shares is 15%. Current growth rate ( g ) of 10%

Rankine Ltd has just paid a $0.90 annual dividend. The required return on Rankines shares is 15%.

Current growth rate (g) of 10% per annum applies for the next 3 years. After year 3, growth rate (g) falls to 6% indefinitely. What is the value of Rankine shares today?

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