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Suppose the company will not pay any dividend in Year 1 . Suppose that the company pays dividend of $ 2 in Year 2 and

Suppose the company will not pay any dividend in Year 1. Suppose that the company pays dividend of $2 in Year 2 and after that the dividend will grow at 20% in Years 3 to 5. After that the dividends will grow at a constant rate of 6% forever. If the required rate of return is 10%, compute today's price of the stock.

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