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The finance department of company X examines the value of the company's common shares. The last dividend distributed ( D ) was $ 6 per

The finance department of company X examines the value of the company's common shares. The last dividend distributed (D) was $6 per share. The shareholders' expected return is R =15%. Calculate the economic value (IV) of X stock if dividends remain constant at $6 per share for the next 20 years and then increase at a constant rate of 4% per year forever.

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