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Visa has just paid an annual dividend of $ 1 . 3 1 . Visa's dividends will grow by 6 % for the next 4

Visa has just paid an annual dividend of $

1.31 .

Visa's dividends will grow by

6 %

for the next

4

years, and then grow by

1 %

thereafter. Visa has a required return of

9 % .

What is the value of visa stock

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