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Wheat Ltd. has an odd dividend policy. The company has just paid a dividend of $10 per share and has announced that it will increase

Wheat Ltd. has an odd dividend policy. The company has just paid a dividend of $10 per share and has announced that it will increase the dividend by $4 each year for the next three years, and then dividends will increase with a growth rate of 2.5%. If you require 12% return on the company's stock, how much will you pay for a share today?

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