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Todd Co. just paid dividends of $5.00 (D0) per share. These dividends are expected to grow at an 15% rate of the next three years

Todd Co. just paid dividends of $5.00 (D0) per share. These dividends are expected to grow at an 15% rate of the next three years and at a 4% rate thereafter (forever). What is the value of the stock if the appropriate discount rate is 12%?

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