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Suppose that you are analyzing the stock of a company. The analysts expect that the company will pay dividends of $10 per share at the

Suppose that you are analyzing the stock of a company. The analysts expect that the company will pay dividends of $10 per share at the end of year 1, $12 per share at the end of year 2, and $15 per share at the end of year 3. After that the dividend will decline at a steady rate of 3%. If the required rate of return is 12%, what is the value of the stock today?

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