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Skipbo Enterprises recently paid a dividend of $ 1 . 2 5 . It expects to have non - constant growth of 4 0 %

Skipbo Enterprises recently paid a dividend of $1.25. It expects to have non-constant growth of 40% for 3 years, followed by a constant rate of 8% thereafter. The firm's required return is 15%. What is the firm's intrinsic value today, to the nearest dollar?
$40
$36
$48
$42
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