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The following are next three years' projected dividends for APL. Starting from 2019, dividends are expected to grow at 5% forever. If the capitalization rate

The following are next three years' projected dividends for APL. Starting from 2019, dividends are expected to grow at 5% forever. If the capitalization rate is 14%, calculate P₀.

D₂₀₁₈ = 2.52

D₂₀₁₈ = 3.23

D₂₀₁₉ = 3.94

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