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Whitewater Adventures has just paid a dividend of Div0 = $3.00. An analyst forecasts annual dividend growth rate of g1 = 11% for the next

Whitewater Adventures has just paid a dividend of Div0 = $3.00. An analyst forecasts annual dividend growth rate of g1 = 11% for the next five years, after which dividends will decline at an annual rate of 2% indefinitely (g2 = 2%). The required return is rE = 9% (EAR). What is the current value per share according to the analyst?

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