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The current risk-free rate is 2.5%. The market risk premium is 5%. If CC's market beta is 1.5, Actual Projected 2015 Year + 1 Year

The current risk-free rate is 2.5%. The market risk premium is 5%. If CC's market beta is 1.5,

Actual Projected
2015 Year +1 Year +2 Year +3 Year +4 Year +5
Comprehensive Income $13,696 $27,990 $30,048 $32,252 $34,612 $37,138
Common Shareholders Equity:
Paid-In Capital $8,626 $9,488 $10,438 $11,482 $12,630 $13,892
Retained Earnings 127,320 137,384 154,036 161,914 187,910 194,048
Accumulated Other Comprehensive Income (5,376) (5,376) (5,376) (5,376) (5,376) (5,376)
Total Common Equity $130,570 $141,496 $159,098 $168,020 $195,164 $202,564

Interest-bearing debt $130,000
Preferred stock 0
Interest expense per year 6%
Tax rate 30.00%
Number of common shares 5,000
Market price per common share $79.00
Non-controllng interest $25,000
Tax rate 30%
Steady-state growth rate 2.0%

What is the present value of CC's dividends from year+1 through year+5 excluding the continuing value. Ignore any mid-year discounting.

$90,046
$121,210
$66,893
$85,988

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