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Tanaz Inc. pays a current ( annual ) dividend of $ 4 which is expected to grow at 1 4 % for the first three

Tanaz Inc. pays a current (annual) dividend of $4 which is expected to grow at 14% for the
first three years and then at 5% thereafter. If the required return for the company is 18%, what
is the intrinsic value of the firms stock?

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