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Springboro Tech is a young start - up company. No dividends will be paid on the stock over the next 1 3 years, because the

Springboro Tech is a young start-up company. No dividends will be paid on the stock over the next 13 years, because the firm needs to plow back its earnings to fuel growth. The company will pay a $13.46 per share dividend in 14 years and will increase the dividend by 3.05% per year thereafter. What is the current share price if the required return on this stock is 7.48%?

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