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Ted McKay has just bought the common stock of Pharoah Corp. Management of Pharoah expects the company expects to grow at the following rates for
Ted McKay has just bought the common stock of Pharoah Corp. Management of Pharoah expects the company expects to grow at the following rates for the next three years: 30 percent, 25 percent, and 15 percent. Last year the company paid a dividend of $2.60. Assume a required rate of return of 11 percent. Compute the expected dividend for the the first 4 years
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