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The Hard Times Company recently paid an annual dividend of $1.13 per share. The company just announced that it is suspending all dividend payments on

The Hard Times Company recently paid an annual dividend of $1.13 per share. The company just announced that it is suspending all dividend payments on its common stock for the next five years. After that, the company expects to pay $.50 a share at the end of each year. The required return is 18%. What is this stock worth today?

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