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Shabbaz Inc. JUST paid its annual dividend of $ . 3 5 per share. The dividends are expected to grow at 2 5 percent annually

Shabbaz Inc. JUST paid its annual dividend of $.35 per share. The dividends are expected to grow at 25 percent annually for the next 3 years and then level off to an annual growth rate of 4 percent indefinitely. What is the price of this stock today given a required return of 12 percent? (Round all intermediate calculations to 4 decimal places.)(hint: keep in mind that the price is the present value of all dividends during nonconstant growth PLUS the present value of the price when growth becomes constant)
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