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The Jackson-Timberlake Wardrobe Company just paid a dividend of $1.30 per share on its stock. The dividends are expected to grow at a constant rate

The Jackson-Timberlake Wardrobe Company just paid a dividend of $1.30 per share on its stock. The dividends are expected to grow at a constant rate of 8 percent per year indefinitely.

a. If investors require a return of 14 percent on the company's stock, what is the current price?

b. What will the price be in 7 years?

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