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Ray inc company is not expected to pay any dividends for three years while it attempts to restructure its business. They anticipate paying $1.30 in

Ray inc company is not expected to pay any dividends for three years while it attempts to restructure its business. They anticipate paying $1.30 in year four and thereafter increase it at a rate of 6% forever. What should we pay for the stock if we demand a 15% rate of return?

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