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Smelly Food Co. is reinvesting all of its earnings to expand its operations. Earnings were $1/share this past year and are expected to grow at

Smelly Food Co. is reinvesting all of its earnings to expand its operations. Earnings were $1/share this past year and are expected to grow at the rate of 20%/year until at the end of year 4. At the end of year 4, Smelly will begin paying 50% of its earnings as dividends. ROE =10% and rE = 8%. What is the value of the share today?

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