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The CEO of ICG Inc. announced that the company will pay an annual dividend of $1.00 per year, one year from today. It is estimated

The CEO of ICG Inc. announced that the company will pay an annual dividend of $1.00 per year, one year from today.

It is estimated that during the following six years, the dividend will grow at an annual rate of 7%

After that, the growth rate will be equal to 4% per year and continue at that rate indefinitely. Calculate the intrinsic value of the ICG's stock if the required rate of return is 6.7%.

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