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Sams Company currently earns $ 3 . 0 0 per share and pays $ 1 . 0 0 in dividends. The dividend is expected to

Sams Company currently earns $

3.00

per share and pays $

1.00

in dividends. The dividend is expected to double in

9

years and to grow at that rate beyond that time. The required rate of return is

15 % .

The estimated stock price is:

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