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Terrell Enterprises recently paid a dividend, D 0 , of $1.50. It expects to have nonconstant growth of 25% for 2 years followed by a

Terrell Enterprises recently paid a dividend, D₀, of $1.50. It expects to have nonconstant growth of 25% for 2 years followed by a constant rate of 6% thereafter. The firm's required return is 12%.

What is the firm's intrinsic value today?

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