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The Napa Co. just paid a dividend of $3.15 per share on its stock. The dividends are expected to grow at a constant rate of

The Napa Co. just paid a dividend of $3.15 per share on its stock. The dividends are expected to grow at a constant rate of 5 percent per year indefinitely. If investors require a return of 12 percent on the stock, what is the current price? What will the price be in four years?

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