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Warren Grains, Inc.s most recent dividend, D 0 , was $ 2 . 2 5 . It expects to have nonconstant growth of 1 0

Warren Grains, Inc.s most recent dividend, D

0,

was $

2.25 .

It expects to have nonconstant growth of

10 %

for the next two years, and then

4 %

from thereafter. Investors expect a return of

14 % .

What is the terminal value of Warren Grains?

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