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Use the Dividend Discount Model to compute the expected price of a stock in 3 years. Each share is expected to pay a dividend of

Use the Dividend Discount Model to compute the expected price of a stock in 3 years. Each
share is expected to pay a dividend of $8.48 in one year. Investors' annual required rate of
return is 9.5%, and the expected growth rate of the dividend is 5.2% per annum. Answer to
the nearest penny.
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