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The risk-free rate is 2.37% and the market risk premium is 6.39%. A stock with a of 1.60 just paid a dividend of $2.67. The

The risk-free rate is 2.37% and the market risk premium is 6.39%. A stock with a of 1.60 just paid a dividend of $2.67. The dividend is expected to grow at 21.99% for three years and then grow at 3.53% forever. What is the value of the stock?

The answer is $48.21 but not sure how to get that answer. Please show the finance calculator steps if possible and not excel! Thanks

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