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ACE Corporation pays annual dividends, and it has just paid a $1.00 dividend (DIVO). The dividend is expected to grow by 25 percent this year, 20 percent next year, and 15 percent the following year. After three years, the dividend is expected to grow at a constant rate of 5 percent a year. Suppose the shareholders' required rate of return is 15%, what is the fair value per share of the company's shareholder equity? Select one a $13.71 Ob $15.26 $14.16 d $14.70