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The Bell Weather is a new firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 8 percent next

The Bell Weather is a new firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 8 percent next year and then decreasing the growth rate to a constant 5 percent per year afterwards. The company just paid its annual dividend of $1 per share. What is the current value of a share of stock if the required rate of return is 14%?

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