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Visa has just paid an annual dividend of $1.23. Visa's dividends will grow by 6% for the next 4 years, and then grow by 3%

Visa has just paid an annual dividend of $1.23. Visa's dividends will grow by 6% for the next 4 years, and then grow by 3% thereafter. Visa has a required return of 8%.

What is the intrinsic value of Visa stock?

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