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The Johnston Company will pay an annual dividend of $2.60 next year. The company has increased its dividend by 2.8 percent a year for the

The Johnston Company will pay an annual dividend of $2.60 next year. The company has increased its dividend by 2.8 percent a year for the past twenty years and expects to continue doing so. What will a share of this stock be worth 10 years from now if the required return is 11 percent?

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