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Swanton Industries is expected to pay a dividend of $ 1 0 per year for 1 0 years and then increase the dividend to $

Swanton Industries is expected to pay a dividend of $

10

per year for

10

years and then increase the dividend to $

15

per share for every year thereafter. The required rate of return on this stock is

20

percent. What is the estimated stock price for Swanton?

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